An auction for the remaining assets of the bankrupt Silicon Valley Bank is reportedly underway, with final bids expected this afternoon and a result likely to arrive late Sunday, according to Bloomberg.
Bloomberg says the Federal Deposit Insurance Corp. (FDIC) of the United States, who intervened and closed SVB on Friday as he felt an unprecedented run on client fundshopes to close the auction before markets open Monday morning.
A quick sale could help the FDIC make at least some of SVB customers’ uninsured deposits available to them by Monday. Already, the US agency has said it will make the full insured amounts available in time for next week’s launch.
When contacted, an FDIC spokesperson said they were not commenting on the information.
As a potential resolution looms in the background, other members of the startup ecosystem are racing to find liquidity options for entrepreneurs trying to make payroll next week. More recently, the CEO of Brex Henrique Dubugras said he was striving to raise over $1 billion in one weekend to help fund a emergency bridging line of credit.