23andMe, the popular genetic testing service with DNA samples collected from millions of Americans, announced it is voluntarily filing for Chapter 11 bankruptcy. News of the pending bankruptcy came mere weeks after 23andMe’s board rejected an acquisition proposal from the company’s co-founder and CEO Anne Wojcicki. Instead, it will look to restructure its debt and find a buyer elsewhere, leaving existing customers to wonder what will happen to their DNA data.
What Is Chapter 11 Bankruptcy?
There are several different forms of bankruptcy, with Chapter 7, Chapter 11, and Chapter 13 the most common. There is no right or wrong form, just different means to a desired end.
Chapter 11, which is the path 23andMe has chosen, allows…
