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Biotech firm Amyris files for bankruptcy in US
  + stars: | 2023-08-10 | by ( ) www.reuters.com   time to read: +1 min
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
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