Amyris, a biotech firm that produces sustainable ingredients for various industries, has filed for Chapter 11 bankruptcy protection in the U.S. court. The company said it intends to sell its consumer brands, such as Biossance and Pipette, to improve its liquidity position.
The company has secured a $190 million financing commitment from its lenders to support its day-to-day operations during the bankruptcy process. The company’s entities outside the U.S. are not affected by the filing.
According to the court documents, Amyris has estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billion to $10 billion. The company said it will continue to serve its customers and partners while pursuing a restructuring plan that will maximize value for its stakeholders.