[2 August/ Food Navigator]

TerraVia, who posted a USD22.6 million net loss on revenues of USD4.5 million in the first quarter of 2017, filed for bankruptcy protection under Chapter 11, and entered into a stalking horse stock and asset purchase agreement with Corbion to acquire substantially all of TerraVia’s assets in a sale process under section 363 of the bankruptcy code. The agreement gives TerraVia a USD20m cash binding bid along with the assumption of certain liabilities, subject to higher or better offers. Stalking horse arrangements prevent low-bids and establishes a low-bid offer. The company stressed the sale process would not have a material impact on the company’s ability to deliver to customers and employees going forward.