Invitae files for Chapter 11 bankruptcy to address huge debt load

seekingalpha02-14

Invitae (OTC:NVTA), backed by Softbank (OTCPK:SFTBY) and Cathie Wood's Ark Investment Management, filed for Chapter 11 bankruptcy protection, to address the genetic-testing company's more than $1B ...

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The company declared assets of $500M-$1B and liabilities of $1B-$10B. It plans to use its cash on hand to operate its business during the bankruptcy proceedings.  \"We have been working diligently over the past 18 months to improve our cash position by realigning our portfolio and focusing on our most impactful business lines,\" said Invitae (OTC:NVTA) CEO Ken Knight. \"These strategic initiatives accelerated our path to positive cash flow. However, we still need to address the company's debt position through these Chapter 11 proceedings.\" Invitae (OTC:NVTA) is committed to serving customers and patients, and meeting go-forward commitments to employees and vendors during the bankruptcy process. In its Q3 earnings report, Invitae (OTC:NVTA) disclosed that \"substantial\" doubt existed about its ability to continue as a going concern amid continued losses and an accumulated deficit of $6.2B as of September 30, 2023. It also had ~$1.4B outstanding on two sets of senior secured bonds maturing in 2024 and 2028. The company had also established a special board committee last year to explore strategic options to address its debt problem, including raising capital, asset sales, and cost cuts. The Chapter 11 filing comes over a week after a report indicated that Invitae (OTC:NVTA) hired restructuring advisors as it prepared for bankruptcy, sending its stock spiraling 77%. The stock has lost ~100% in value in the last one year.  More on Invitae  Invitae's High-Stakes Financial Maneuvering: Dilution Might Not Be That Bad Stocks To Watch: Energy Market Drama And Financial Earnings Headline Holiday Week Invitae offloads reproductive health assets to Natera","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/2411775379"}