An auction for the remaining assets of the bankrupt Silicon Valley Bank is reportedly underway, according to Bloomberg, with a final bid scheduled for this afternoon, with results likely arriving later on Sunday.
The U.S. Federal Deposit Insurance Corporation (FDIC) stepped in and closed the SVB on Friday as it was experiencing an unprecedented funding shortfall by customers, but will close the auction before the market opens on Monday morning, according to Bloomberg. I hope that
A quick sale could help the FDIC make at least some of the SVB customers’ uninsured deposits available by Monday. Already, the U.S. agency says it will make the insurance money fully available in time for next week’s kickoff.
When contacted, an FDIC spokesperson said it did not provide comment on these reports.
With potential solutions looming in the background, other companies in the startup ecosystem are scrambling to find liquidity options for entrepreneurs looking to roll their payroll next week. Most recently, Brex CEO henrique dubglas He said he was working to raise more than $1 billion over the weekend to fund an emergency bridge credit line.
