Amyris Files for Bankruptcy Protection in U.S.
- Chaileedo Press
- Aug 10, 2023
- 2 min read
In a filing with the Delaware bankruptcy court, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billon to $10 billion.
Amyris Inc., a leading synthetic biotechnology company, announced on August 9th that it has filed for Chapter 11 bankruptcy in a U.S. court. The filing is part of the company's strategic plan to improve its liquidity position, cost structure, and capital structure. As a part of the restructuring, Amyris plans to sell its consumer brands while focusing on its core competencies in research and development (R&D) and the commercialization of sustainable ingredients derived through biofermentation.
According to Retuers, Amyris has secured a $190 million financing commitment to support day-to-day operations during the restructuring. The financing comes from an entity affiliated with existing lender Foris Ventures. It is important to note that entities outside the U.S. are not included in the bankruptcy proceedings. In a filing with the Delaware bankruptcy court, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billon to $10 billion.
To maximize the value of its assets, Amyris stated that it intends to exit its consumer brands and will begin marketing them for sale. The company aims to have these brands continue leveraging its cutting-edge science and technology under new ownership. In the meantime, Amyris will continue operating these brands through retail partners and their respective e-commerce platforms.
Han Kieftenbeld, Interim Chief Executive Officer and Chief Financial Officer of Amyris, expressed confidence in the company's strategic transformation plan, emphasizing its commitment to reducing costs, improving operational effectiveness, and achieving sustainable growth. Kieftenbeld believes that the current restructuring will position Amyris as a financially stronger company with a more focused business model and a clear path to profitability.
During the Chapter 11 process, Amyris intends to continue operating as usual and uphold its commitments to employees, customers, and other stakeholders. The company has filed customary motions with the court to ensure the smooth continuation of operations, including paying wages, providing benefits, and maintaining customer programs and policies. Amyris plans to pay vendors for goods and services received after the filing in the ordinary course.
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