Bankruptcy & Restructuring News Headlines for Monday Feb 5, 2024

Here's what we are reading this morning:

Private Jet Companies Are Trapped Between Falling Revenues and Rising Rates - Bloomberg: The private jet industry struggles to adapt to high costs and receding demand

FTX seeks permission to speedily sell 8% stake in Anthropic | The Block: At Anthropic's latest $18 billion valuation, FTX's stake would be worth nearly $1.5 billion — a significant recovery for creditors.

23andMe’s Fall From $6 Billion to Nearly $0 - WSJ: 23andMe’s valuation has crashed 98% from its peak and Nasdaq has threatened to delist its sub-$1 stock. Wojcicki reduced staff by a quarter last year through three rounds of layoffs and a subsidiary sale. The company has never made a profit and is burning cash so quickly it could run out by 2025.

Cano Health - Cano Health Enters Restructuring Support Agreement with a Significant Majority of its Lenders to Strengthen Financial Position: To facilitate this restructuring, Cano Health has initiated prearranged voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). It has also received a commitment for $150 million in new debtor-in-possession financing from certain of its existing secured lenders

NanoString Takes Steps to Restructure Its Business and Protect Its Mission to Map the Universe of Biology | NanoString Technologies, Inc.: With support from key creditors, NanoString and certain of its subsidiaries have voluntarily initiated a chapter 11 restructuring proceeding in the United States Bankruptcy Court for the District of Delaware. Coincident with this proceeding, NanoString is exploring strategic alternatives in support of the Company’s mission and for the benefit of its stakeholders, including the potential sale of the company or product lines.

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