UPDATE 1-Genetic test maker Invitae files for bankruptcy protection in US

Reuters02-14

(Updates with details from statement in paragraphs 2 and 5, adds details from bankruptcy filing in paragraphs 3-4, background in paragraph 6)

Feb 13 (Reuters) - Softbank-backed genetic test maker Invitae said on Tuesday it has filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and intends to pursue a sale process.

To ensure its business operates as usual, Invitae has requested court approval to fund its bankruptcy protection by using cash on hand, the company said, adding that it intends to transition into Chapter 11 without disrupting operations.

The company said in a court filing that its estimated assets were in the $500 million - $1 billion range, while its liabilities were in the $1 billion - $10 billion range.

Invitae, which provides genetic testing services for various diseases and cancers in and outside the United States, added in the filing that it had around 1,000-5,000 creditors.

The company has Kirkland & Ellis LLP as legal counsel, Moelis & Company LLC as investment banker, and FTI Consulting, Inc. as the financial and communications advisor to move forward with its sale process and strategic initiatives, it said in its statement.

In a regulatory filing last November, Invitae had flagged concerns about its ability to stay afloat, saying it needed to secure additional funding to support ongoing operations or to address its debt obligations.

(Reporting by Gursimran Kaur in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)

((GursimranKaur.Mehar@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2411334276?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-02-14 12:03","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2411334276","market":"us","top_or_hot":-1,"title":"UPDATE 1-Genetic test maker Invitae files for bankruptcy protection in US","media":"Reuters","content":"<html><body><p>(Updates with details from statement in paragraphs 2 and 5, adds details from bankruptcy filing in paragraphs 3-4, background in paragraph 6)</p><p>      Feb 13 (Reuters) - Softbank-backed    genetic test maker Invitae    said on Tuesday it has filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and intends to pursue a sale process.</p><p>   To ensure its business operates as usual, Invitae has requested court approval to fund its bankruptcy protection by using cash on hand, the company said, adding that it intends to transition into Chapter 11 without disrupting operations.     </p><p>   The company said in a court filing that its estimated assets were in the $500 million - $1 billion range, while its liabilities were in the $1 billion - $10 billion range.</p><p>   Invitae, which provides genetic testing services for various diseases and cancers in and outside the United States, added in the filing that it had around 1,000-5,000 creditors.</p><p>   The company has Kirkland &amp; Ellis LLP as legal counsel, Moelis &amp; Company LLC as investment banker, and FTI Consulting, Inc. as the financial and communications advisor to move forward with its sale process and strategic initiatives, it said in its statement. </p><p>   In a regulatory filing last November, Invitae had flagged concerns about its ability to stay afloat, saying it needed to secure additional funding to support ongoing operations or to address its debt obligations.</p><p> (Reporting by Gursimran Kaur in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)</p><p>((GursimranKaur.Mehar@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 1-Genetic test maker Invitae files for bankruptcy protection in US</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUPDATE 1-Genetic test maker Invitae files for bankruptcy protection in US\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-14 12:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Updates with details from statement in paragraphs 2 and 5, adds details from bankruptcy filing in paragraphs 3-4, background in paragraph 6)      Feb 13 (Reuters) - Softbank-backed    genetic test ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4196","symbol_name":"保健护理服务","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2411334276","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2411334276","pubTimestamp":1707883439,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"(Updates with details from statement in paragraphs 2 and 5, adds details from bankruptcy filing in paragraphs 3-4, background in paragraph 6)      Feb 13 (Reuters) - Softbank-backed    genetic test ma","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4196":"保健护理服务","GENE":"基因技术ADR","NVTAQ":"Invitae Corp.","BK4121":"生命科学工具和服务","BK4139":"生物科技","NVTA":"Invitae Corporation"},"translate_title":"更新1-基因测试制造商邀请申请破产保护在美国","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GENE":1,"NVTA":1,"NVTAQ":1},"content_text":"(Updates with details from statement in paragraphs 2 and 5, adds details from bankruptcy filing in paragraphs 3-4, background in paragraph 6)      Feb 13 (Reuters) - Softbank-backed    genetic test maker Invitae    said on Tuesday it has filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and intends to pursue a sale process.   To ensure its business operates as usual, Invitae has requested court approval to fund its bankruptcy protection by using cash on hand, the company said, adding that it intends to transition into Chapter 11 without disrupting operations.        The company said in a court filing that its estimated assets were in the $500 million - $1 billion range, while its liabilities were in the $1 billion - $10 billion range.   Invitae, which provides genetic testing services for various diseases and cancers in and outside the United States, added in the filing that it had around 1,000-5,000 creditors.   The company has Kirkland & Ellis LLP as legal counsel, Moelis & Company LLC as investment banker, and FTI Consulting, Inc. as the financial and communications advisor to move forward with its sale process and strategic initiatives, it said in its statement.    In a regulatory filing last November, Invitae had flagged concerns about its ability to stay afloat, saying it needed to secure additional funding to support ongoing operations or to address its debt obligations. (Reporting by Gursimran Kaur in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)((GursimranKaur.Mehar@thomsonreuters.com;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2411334276"}