Amyris commenced voluntary Chapter 11 proceedings to facilitate restructuring

Amyris announced that it is moving forward with an operational and financial restructuring to further advance its ongoing strategic transformation and position the company for long-term success. “The restructuring is intended to improve the company’s cost structure, capital structure, and liquidity position while streamlining Amyris’ business portfolio to focus on its core competencies in R&D and the scale-up, commercialization, and applications development of its sustainable ingredients derived through biofermentation. To facilitate the restructuring, Amyris and certain of its domestic subsidiaries commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Its entities outside the U.S. are not included in the proceedings,” the company stated. “Amyris has secured a commitment from an entity affiliated with existing lender Foris Ventures for $190M of debtor-in-possession financing to support continued day-to-day operations as the Company works with its key stakeholders to negotiate a consensual go-forward plan centered on Amyris’ core capabilities. Subject to Court approval and the DIP budget, this DIP financing will provide liquidity to help fulfill commitments to the Company’s valued employees, customers, partners, and vendors during the process,” the company added. In Thursday morning trading following the announcement last night, Amyris shares are down 25c, or 74%, to 9c.