THE WHAT: Amyris, Inc., a biotechnology firm, files for Chapter 11 bankruptcy and is undergoing operational and financial restructuring as a part of its strategic transformation.
THE DETAILS: Amyris and some of its domestic subsidiaries have initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to implement this restructuring. As a part of this transition, Amyris is looking to divest its consumer brands, aiming for them to benefit from the company’s advanced science and technology under new ownership. To ensure continuity in its daily operations during this phase, the company has obtained a commitment of $190 million for debtor-in-possession financing from an entity linked to its existing lender, Foris Ventures.
THE WHY: Han Kieftenbeld, the Interim CEO and CFO of Amyris stated that the company has been focusing on a transformation plan to enhance operational efficiency, reduce costs, and sustain growth. This restructuring is seen as a significant step in addressing financial hurdles and is anchored in the company’s innovative scientific and technological foundation.