Amyris, Biotech Company, Faces Bankruptcy and Shareholder Losses
Synthetic biotechnology company Amyris has filed for Chapter 11 bankruptcy protection as it undergoes restructuring. The company plans to continue operating its consumer brands through retail partners and e-commerce platforms after selling them off. Amyris secured a $190 million commitment from an entity affiliated with its existing lender to support day-to-day operations. The company reported a net loss of $193.3 million in the first quarter and had engaged PwC to execute a transformation plan. Amyris estimated its assets to be between $500 million to $1 billion and liabilities from $1 billion to $10 billion.