New Delaware Chapter 11 Filing- TerraVia Holdings, Inc.

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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.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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