Corbion approved as highest bidder in sale of TerraVia
18 Sep 2017 --- Corbion has been approved as the highest bidder for algae-fueled company TerraVia, following an auction process for substantially all of the assets of the bankrupt company, in a deal worth US$20 million. Last Friday, September 15, the United States Bankruptcy Court for the District of Delaware approved Corbion as the successful bidder and authorized TerraVia to consummate the sale to Corbion.
Completion is subject to customary closing conditions and regulatory approvals and full performance by the parties of all obligations under the agreement and is expected to occur within 2-3 weeks.
Corbion's offer in the auction was composed of approximately US$20 million in cash.
TerraVia filed a voluntary petition under Chapter 11 of the US Bankruptcy Code on August 2, 2017. On that same day, Corbion announced it had entered into a “stalking horse” stock and asset purchase agreement with TerraVia, which constituted the primary bid in a sale process to be conducted under Section 363 of the US Bankruptcy Code, which included an auction process.
Last month, Tanno Massar of Corbion told FoodIngredientsFirst: “This is the first step in the sales process in which we are the “stalking horse” bidder, which means that we are the party that has agreed to an offer in principle. But that is subject to potentially other bidders joining with higher and more attractive bids for the company.” You can read the full FoodIngredientsFirst coverage from August here.
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