Bankruptcy & Restructuring News Headlines for Tuesday Feb 6, 2024

Here's what we are reading this morning:

SoftBank-Backed Medical Genetics Company Invitae Prepares for Bankruptcy - WSJ: Invitae, a medical genetics company that received backing from SoftBank Group at the height of the pandemic has hired restructuring advisers and is preparing to file for bankruptcy within weeks, according to people familiar with the matter. The company is working with FTI Consulting and law firm Kirkland & Ellis to explore strategic options, including bankruptcy, to address $1.5 billion in debt on its balance sheet, the people said.

Online Retailer Zulily Liquidating in California State Proceedings - WSJ: Online retailer Zulily, once valued at nearly $9 billion, is shutting down due to a “challenging business environment” and has begun a form of state court-supervised bankruptcy.

Investcorp Takes Stake in Secondary Specialist Banner Ridge Partners - WSJ: Banner Ridge acquires secondhand private markets assets, particularly in distressed and special-situations funds and also backs new investments in such funds

Former Terra developer testifies against Do Kwon at South Korean court: report | The Block: The former developer of Terraform Labs testified that Terra executives knowingly deceived investors, according to local media

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