Bankruptcy & Restructuring News Headlines for Friday Jan 28, 2022

Here's what we are reading this morning:

Seismic Mapper Ion Geophysical Preps Bankruptcy Filing to Sell Itself - Bloomberg: The Houston-based company, which makes software and provides data to the energy industry, may seek Chapter 11 bankruptcy protection in the next month, said the people, who asked not to be named because the discussions are private.

Glossier lays off over 80 employees | Modern Retail: Beauty brand Glossier announced to its staff today that it is laying off over 80 employees. That’s about one-third of the DTC brand’s corporate workforce.

The Year in Bankruptcy: 2021 | Jones Day : At the end of 2020 and into early 2021, it was widely anticipated that the unprecedented pressure the pandemic brought to bear on the U.S. economy would lead to a boom in corporate bankruptcy filings. That boom never materialized. Instead, business bankruptcy filings in the United States plummeted in 2021.

GWG Seeks Rescue Financing After Missing Debt Payments to Individual Investors: The company known for life-insurance bonds faces a cash crunch after accounting issues and the resignation of its auditor prevented it from selling its products.

Yet Another COVID-19 Testing Company That Got Millions From The Feds Being Investigated After Patients Say Their Results Were Flawed: NorthShore Clinical Labs is being investigated by multiple state agencies, and it's been cited at the highest level by federal regulators. It's received more than $154 million in public funding.

Robinhood posts $423 million net loss, shares sink after hours - CNN: Shares of Robinhood sank as much as 15% to $9.98 in extended trading following results. The share price at its IPO in July last year was $38, and its record high in August was $85.

Center For COVID Control Shutting Down Amid Federal, State Investigations, Employees Told: The COVID-19 testing company and its lab, Doctors Clinical Lab, have been the target of federal and state investigations after reports from Block Club and other outlets.

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