Voluntary Chapter 11 Commenced to Finalize
Consensual Go-Forward Plan for Amyris' Core Business
$190 Million
Financing Commitment from Foris Ventures to Support Day-to-Day
Operations
EMERYVILLE, Calif., Aug. 9, 2023
/PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS) ("Amyris" or the
"Company"), a leading synthetic biotechnology company accelerating
the world's transition to sustainable consumption through its
Lab-to-Market™ technology platform and clean beauty consumer
brands, today announced that it is moving forward with an
operational and financial restructuring to further advance its
ongoing strategic transformation and position the Company for
long-term success.
The 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 and the scale-up, commercialization, and
applications development of its sustainable ingredients derived
through biofermentation.
To facilitate the restructuring, Amyris and certain of its
domestic subsidiaries commenced voluntary Chapter 11 proceedings in
the U.S. Bankruptcy Court for the District of Delaware (the "Court"). Its entities outside
the U.S. are not included in the proceedings.
In tandem, to advance the Company's restructuring goals and
maximize the value of its assets, Amyris is planning to exit its
consumer brands and will begin marketing them for sale, with a view
to having these brands continue to leverage Amyris' cutting-edge
science and technology while under new ownership. As the sale
process progresses, Amyris will continue to operate these brands,
including through retail partners and the brands' e-commerce
platforms.
Amyris has secured a commitment from an entity affiliated with
existing lender Foris Ventures for $190
million of debtor-in-possession ("DIP") financing to support
continued day-to-day operations as the Company works with its key
stakeholders to negotiate a consensual go-forward plan centered on
Amyris' core capabilities. Subject to Court approval and the DIP
budget, this DIP financing will provide liquidity to help fulfill
commitments to the Company's valued employees, customers, partners,
and vendors during the process.
"Since its founding 20 years ago, Amyris has been a pioneer in
the development of ingredients made with synthetic biology and has
enjoyed great commercial success, particularly as a result of our
innovative Lab-to-Market™ technology platform, proven ability to
rapidly bring new products to market, and state-of-the-art science
and manufacturing infrastructure," said Han
Kieftenbeld, Interim Chief Executive Officer and Chief
Financial Officer of Amyris. "Over the past months, we have been
hard at work on a strategic transformation plan to reduce costs,
improve operational effectiveness, and achieve sustainable growth.
We believe the step forward our company has taken today puts us on
the best path to address our financial challenges and achieve a
comprehensive solution – rooted in Amyris' ground-breaking science,
formulation capabilities, and technology."
Mr. Kieftenbeld added, "Our aspiration to become the most
efficient and productive biotechnology company in our industry has
not changed. We remain incredibly excited about Amyris' long-term
potential and our uniquely talented team's proven ability to
deliver on the promise of synthetic biology and continue to make a
lasting impact. At the end of this restructuring process, we
believe that Amyris will emerge as a financially stronger company
with a more focused business model and well-defined path to
profitability. In turn, we will be poised to grow sustainably
alongside our valued partners and make an even greater impact on
our world through clean chemistry."
To ensure a smooth transition into Chapter 11, the Company filed
with the Court a series of customary motions seeking to continue
operating as usual and uphold its commitments to its employees and
other valued stakeholders during the process. These "first day"
motions include requests to continue to pay wages and provide
benefits to employees as usual and maintain its customer programs
and policies. The Company intends to pay vendors in the ordinary
course for all goods received and services rendered after the
filing.
Additional Information
Court filings and other
documents related to the Company's restructuring are available at
https://cases.stretto.com/Amyris. Vendors with questions can
call a dedicated hotline at (888) 855-0485 (toll-free) or +1 (303)
276-0309 (international) or email TeamAmyris@stretto.com.
Pachulski Stang Ziehl & Jones LLP is serving as legal
counsel, PricewaterhouseCoopers LLP is serving as financial
advisor, and Intrepid Investment Bankers LLC is serving as
investment banker to the Company. Philip J.
Gund of Ankura Consulting Group, LLC is serving as the
Company's Chief Restructuring Officer.
About Amyris
Amyris (Nasdaq: AMRS) is a leading
synthetic biotechnology company, transitioning the Clean Health
& Beauty and Flavors & Fragrances markets to sustainable
ingredients through fermentation and the company's proprietary
Lab-to-Market™ technology platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. For more information, please
visit http://www.amyris.com.
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. The words "anticipates," "believes," "estimates,"
"expects," "intends," "may," "plans," "projects," "will," "would"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
but are not limited to, statements regarding the process and
potential outcomes of the Company's Chapter 11 cases, the Company's
ability to continue to operate as usual during the Chapter 11 case,
the Company's ability to improve its cost structure, capital
structure, and liquidity position, the Company's ability to sell
any of its existing consumer brands, and the ability of the DIP
financing to provide sufficient liquidity for Company's obligations
during the Chapter 11 case. These statements are based on
management's current expectations, and actual results and future
events may differ materially due to risks and
uncertainties, including, without limitation, risks
inherent in the bankruptcy process, including the outcome of the
Chapter 11 cases; the Company's financial projections and cost
estimates; the Company's ability to raise additional funds during
the Chapter 11 cases; the Company's ability to conduct asset sales;
the impact of the Chapter 11 cases on the listing of the Company's
common stock on the Nasdaq Stock Market; the effect of the Chapter
11 cases on the Company's business prospects, financial results and
business operations; and the risks detailed from time to time in
filings Amyris makes with the Securities and Exchange Commission,
including Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Amyris may not actually
achieve the plans, intentions or expectations disclosed in these
forward-looking statements, and you should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. Except as required by applicable law,
Amyris disclaims any obligation to update information contained in
these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Media Contact
Kekst CNC
Sherri L. Toub / Wendi Kopsick / Daniel
Hoadley
Amyris@KekstCNC.com
Amyris
Kelly Franklin
devers-franklin@amyris.com
Investor Contact
Amyris
investor@amyris.com
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SOURCE Amyris, Inc.