Webdesk: According to Reuters, biotech company Amyris Inc. has filed for bankruptcy in a US court. As well as found money to keep running day-to-day business.
The company has filed for Chapter 11 bankruptcy. Company is looking to sell its consumer brands to improve the company’s cash flow.
Amyris said that its businesses outside of the US are not part of the bankruptcy case.
In a document filed with the Delaware bankruptcy court, the company said that it had between $500 million and $1 billion in assets and between $1 billion and $10 billion in debts.
“Restructuring meant 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,” the company said.
While, In June, Amyris said its cutting jobs to save money. After John Melo quit as CEO, Han Kieftenbeld named the new temporary CEO.
In June, Amyris also started a “strategic transformation programme” and got a $50 million term loan line.
Moreover, Amyris is a science and technology company that does study, development, and production of sustainable ingredients for the clean health, beauty, flavours, and fragrances markets.
The company says it uses “an impressive range of exclusive technologies, including state-of-the-art machine learning, robotics, and artificial intelligence.”
