Amyris Commences Voluntary Chapter 11 Proceedings In U.S. Bankruptcy Court

(RTTNews) - Amyris Inc. (AMRS) said that the company 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.

Amyris said it plans to exit its consumer brands and will begin marketing them for sale, with a view to having these brands continue to leverage Amyris' cutting-edge science and technology while under new ownership. As the sale process progresses, Amyris will continue to operate these brands, including through retail partners and the brands' e-commerce platforms.

Amyris noted that it has secured a commitment from an entity affiliated with existing lender Foris Ventures for $190 million 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.