FDIC auction for SVB assets said to be underway

Fundings and Exits

An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and a result potentially arriving late Sunday, according to Bloomberg.

Bloomberg says that the U.S. Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday as it was experiencing an unprecedented run on funds by its clients, is hoping to conclude the auction before markets open on Monday morning.

A fast sale could help the FDIC make at least some of the uninsured deposits of SVB customers available to them by Monday. Already, the U.S. agency has said it’ll make the insured amounts available in full in time for next week to kick off.

When contacted, a spokesperson for the FDIC said that they are not providing comment on these reports.

As a potential resolution looms in the background, others in the startup ecosystem are jumping up to find liquidity options for entrepreneurs trying to make payroll next week. Most recently, Brex CEO Henrique Dubugras said he is working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line.

Read more about SVB's 2023 collapse on TechCrunch

Products You May Like

Articles You May Like

Xiaohongshu (RedNote), China’s answer to Instagram, hits No. 1 on the App Store as TikTok faces US shutdown
eBay acquires Caramel to reduce risk and complexity of online car sales
January almost had its first pentacorn, and other startup news
Nvidia’s AI empire: A look at its top startup investments
ICON, a builder of 3D-printed homes last valued around $2 billion, cuts about 25% of staff

Leave a Reply

Your email address will not be published. Required fields are marked *