The auction for BankUnited Financial Corp. has been extended until next week, a person familiar with the matter said.
Bidders were originally asked to submit their pitches to the Federal Deposit Insurance Corp. by noon Thursday. However, that deadline has been extended to May 19, the person said.
The Coral Gables, Fla., company warned it could be forced into receivership if it failed to raise $1 billion of fresh capital. It also estimated its loss for its fiscal second quarter, which ended March 31, at $443.1 million, according to a regulatory filing.
Two groups have emerged as likely acquirers, but neither would confirm it submitted a bid. Toronto-Dominion Bank has teamed with Goldman Sachs Group Inc. to buy BankUnited, according to a person briefed on the matter. WL Ross & Co. confirmed plans to put in a bid through a consortium that includes the private-equity firms Blackstone Group and Carlyle Group.