New Delaware Chapter 11 Filing- TerraVia Holdings, Inc.
TerraVia Holdings, Inc., a San Francisco-based specialty food company, and two of its affiliates have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11655). According to the First Day Declaration, the Debtors are seeking a sale of substantially all of their assets during the course of the cases and enter Chapter 11 with a stalking horse bidder, Corbion N.V. The Debtors have also secured $10 million in debtor-in-possession financing from a consortium of their Senior Noteholders to provide them with liquidity during these cases. The Debtors estimate both their assets and liabilities to be between $100 – $500 million. The proposed claims and noticing agent is Kurtzman Carson Consultants, LLC. The cases have been assigned to the Honorable Christopher S. Sontchi.
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