Invitae (NVTA) has released an update.
Invitae Corporation and its subsidiaries have filed for Chapter 11 bankruptcy to restructure their debt and keep the business operational. They plan to continue as ‘debtors in possession’ under court supervision, aiming to minimize the impact on stakeholders by seeking court approval to maintain key business functions. Concurrently, they’ve engaged in a Transaction Support Agreement with major note holders to facilitate a court-led sale and auction process, although the outcome is uncertain. The bankruptcy filing has triggered defaults on various debt instruments, but enforcement is stayed due to the proceedings, even as they continue to incur significant costs.
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