Biotech firm Amyris files for bankruptcy in US (updated)

Amyris

10/08/2023 03:31

(Adds details from statement, court filing in paragraph 2-4,
background in paragraph 5-6)
       Aug 9 (Reuters) - Biotech firm Amyris Inc  AMRS.O  on
Wednesday said it has filed for Chapter 11 bankruptcy in a U.S.
court and is planning to sell its consumer brands to improve the
company's liquidity position.
    Amyris said it has secured a $190 million financing
commitment to support day-to-day operations, adding that its
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.
    "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...," the company said. 
    In June, Amyris said it was cutting jobs to reduce costs and
appointed Han Kieftenbeld as new interim CEO, following the
resignation of John Melo.
    Amyris had also initiated a "strategic transformation
program" in June and secured a term loan facility of up to $50
million.


 (Reporting by Juby Babu in Bengaluru; Editing by Rashmi Aich)
 ((Juby.Babu@thomsonreuters.com;))