TerraVia files for bankruptcy and sells its assets
2017-08-08 12:04:44   copyfrom:    hits:

TerraVia uses proprietary technology to transform a range of low-cost plant-based sugar into high-value oil and wh

 
TerraVia uses proprietary technology to transform a range of low-cost plant-based sugar into high-value oil and whole algae ingredients. (Photo: Terr

 

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Tuesday, August 08, 2017, 00:40 (GMT + 9)

 

Algae innovation firm TerraVia Holdings, Inc. has entered into a stock and asset purchase agreement with a Netherlands-based global leader Corbion N.V.

The purchase agreement provides TerraVia with a binding bid of USD 20 million in cash along with the assumption of certain liabilities, which is subject to higher or otherwise better offers. 

As part of the transaction, Corbion will be assuming the ongoing financial obligations of the business and its joint venture ownership, therefore the total financial commitment is expected to be in excess of the cash purchase price.

TVIA stock quote - TerraVia Holdings, Inc. Common Stock (Photo: Nasdaq)

Through this proposed transaction, TerraVia employees, together with its customers, will have an opportunity to benefit from joining a global leader in its markets.

To facilitate its competitive transaction process, TerraVia and its wholly owned US subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the Bankruptcy Code.

In addition, TerraVia announced that it has received a commitment for debtor-in-possession financing from holders of approximately 63 per cent of the outstanding principal amount of its senior unsecured convertible notes.

TerraVia’s Board ensured that the sale process should have no material impact on its ability to fulfill its obligations to its customers and employees going forward. 

The firm has filed a series of motions with the Bankruptcy Court requesting authority to continue normal operations, including requesting Bankruptcy Court authority to continue paying employee wages and salaries, certain vendors and customer obligations in the ordinary course without interruption. 

TerraVia ensures it will continue its efforts to work closely with its suppliers and partners to meet ongoing obligations and continue its business without interruption.



Headquartered in South San Francisco, the company is a plant-based food, nutrition and specialty ingredients firm that harnesses the power of algae.

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