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Corbion approved as highest bidder for TerraVia

September 17, 2017
AlgaeIndustryMagazine.com

Following an auction process, TerraVia Holdings and its affiliated debtors have determined that Corbion had submitted the best bid for substantially all of the assets of TerraVia, a food and specialty ingredients company centered on ingredients derived from microalgae. On September 15, 2017, the United States Bankruptcy Court for the District of Delaware approved Corbion the successful bidder and authorized TerraVia, formerly Solazyme, to consummate the sale to Corbion.

Corbion’s offer in the auction is approximately US$20 million in cash. 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.

TerraVia filed a voluntary petition under Chapter 11 of the U.S. 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, 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.

Corbion is a global food ingredient supplier for leading food manufacturers in the markets of meat, beverage, bakery, confectionery, and dairy. They operate two lines of business: Biobased Ingredients and Biobased Innovations. The Biobased Ingredients business unit focuses on ingredients for food and biochemicals.

The company’s biobased chemicals offer improved functional performance, production efficiency, and safety. They are manufactured from renewable resources, and use advanced and resource-efficient fermentation processes that provide a sustainable alternative to fossil-based chemicals for customers operating across a wide spectrum of industries, including medical biomaterials, plastics, pharma, electronics, home and personal care, agriculture, coatings, adhesives, solvents, and animal health.

In 2016, Corbion generated annual sales of € 911.3 million and had a workforce of 1684. Corbion is listed on Euronext Amsterdam.

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