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Invitae Corp received court approval on Thursday to run a five-month bankruptcy sale process, allowing the genetic testing company to find a buyer and exit from Chapter 11 by late July. U.S. Bankruptcy Judge Michael Kaplan approved the Softbank-backed company's proposed bid procedures at a court hearing in Trenton, New Jersey, setting an April 10 deadline for initial bids and scheduling an auction for April 17. Invitae, which filed for bankruptcy protection on Tuesday, intends to seek court approval of the sale on May 6 and expects to close the transaction by July 21.

New jerseyUnited statesNicole greenblattLeslie adlerDietrich knauthMichael kaplanInvitae corpJudge michael kaplan