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.
Amyris had also initiated a "strategic transformation program" in June and secured a term loan facility of up to $50 million.
Persons:
Amyris, Han Kieftenbeld, John Melo, Juby Babu, Rashmi
Organizations:
Biotech, Amyris Inc, Thomson
Locations:
U.S, Delaware, Bengaluru