TerraVia files for bankruptcy
By Liza MayerNews TerraVia
Algae nutrient producer TerraVia (NASDAQ: TVIA) filed for bankruptcy on August 1 and announced that it has made a "stalking horse" stock and asset purchase agreement with Dutch food ingredients company Corbion N.V. to acquire substantially all of TerraVia's assets.
In June, TerraVia — whose AlgaPrime DHA is starting to get noticed in the aquaculture market — asked its lenders to allow it to delay debt payments while it seeks “strategic alternatives” that will chart its future course.
It said the bankruptcy filing and the sale process “should have no material impact on TerraVia’s ability to fulfill its obligations to its customers and employees going forward.”
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