8-K
filed August 10, 2023, 7:59 PM ET
CIK 0001365916
other material
confidence high
sentiment negative
materiality 1.00
AMYRIS, INC.: going-concern / distress — Amyris files Chapter 11 bankruptcy, secures $190M DIP financing, cuts ~30% workforce
AMYRIS, INC.
- Voluntary Chapter 11 filed in Delaware; expects common stock delisting from Nasdaq.
- Received $190M DIP financing commitment from Foris Ventures affiliate to fund operations.
- Plans to exit consumer brands and market them for sale; focus on core ingredients and technology.
- Reduction in force of ~260 employees (Aug 8) plus 148 previously, total ~30% workforce; $6.8M charge in Q3.
- Appointed Philip Gund as CRO and M Freddie Reiss as independent director ($50K/month).
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AMYRIS, INC. faced acceleration on loan.
- Instrument
- loan
- Event
- acceleration
Exact text from the filing
Loan and Security Agreement dated as of September 27, 2022, by and among the Company, certain other Company Parties and Foris Ventures, LLC, as amended
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AMYRIS, INC. faced acceleration on loan.
- Instrument
- loan
- Event
- acceleration
Exact text from the filing
Loan and Security Agreement dated as of October 11, 2022, by and among the Company, certain other Company Parties and DSM Finance B.V., as amended
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AMYRIS, INC. faced acceleration on loan.
- Instrument
- loan
- Event
- acceleration
Exact text from the filing
Loan and Security Agreement, dated as of March 10, 2023, by and among the Company, certain other Company Parties and Perrara Ventures, LLC, as amended
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AMYRIS, INC. faced acceleration on senior notes.
- Instrument
- senior notes
- Event
- acceleration
Exact text from the filing
Indenture, dated as of November 15, 2021, by and between the Company and U.S. Bank National Association, as trustee
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AMYRIS, INC. faced acceleration on credit facility.
- Instrument
- credit facility
- Event
- acceleration
Exact text from the filing
the commencement of the Chapter 11 Cases described in Item 1.03 above constitutes an event of default that accelerated the Company’s obligations under the following debt instruments (together, the “Debt Instruments”)
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
AMYRIS, INC. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-08-09).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2023-08-09
Exact text from the filing
On August 9, 2023 (the "Petition Date"), Amyris, Inc. (the "Company" or the "Debtor") and certain of its direct and indirect subsidiaries (collectively, the "Company Parties" or the "Debtors") filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), thereby commencing Chapter 11 cases for the Company Parties (the "Chapter 11 Cases").
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
M Freddie Reiss was appointed as Class III director at AMYRIS, INC..
- Action
- appointed
- Role
- Class III director
Exact text from the filing
On August 4, 2023, the Board appointed M Freddie Reiss as a Class III director, with the appointment effective as of August 9, 2023, and with a term expiring at the 2025 annual meeting of stockholders.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Philip Gund was appointed as Chief Restructuring Officer at AMYRIS, INC..
- Action
- appointed
- Role
- Chief Restructuring Officer
Exact text from the filing
On August 8, 2023, the Company appointed Philip Gund as the Company’s Chief Restructuring Officer (“CRO”), with the appointment effective as of August 9, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
AMYRIS, INC. announced a restructuring with charges of approximately $6.8 million (approximately 260 employees).
- Type
- restructuring
- Charge
- approximately $6.8 million
- Headcount
- approximately 260 employees
Exact text from the filing
provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. The Company expects to record a one-time charge of approximately $6.8 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees. The Company expects that the majority of these
View on SEC.gov
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