Corbion approved as highest bidder in sale of innovative microalgae specialist TerraVia
Corbion announced that, following an auction process, TerraVia Holdings and its affiliated debtors ("TerraVia") determined that Corbion had submitted the highest and best bid for substantially all of the assets of TerraVia, a food and specialty ingredients company with a broad and diverse platform centered on ingredients derived from microalgae. Today, 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 U.S. Bankruptcy Code on 2 August 2017. On that same day, Corbion announced it had entered into a "stalking horse" stock and asset purchase agreement with TerraVia, that constituted the primary bid in a sale process to be conducted under Section 363 of the U.S. Bankruptcy Code, which included an auction process.