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TerraVia Bankruptcy Bid Update Issued

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TerraVia Holdings filed with the U.S. Bankruptcy Court a notice of selection of successful bids and alternative bids.

The notice states, “Pursuant to the Bidding Procedures Order, on September 11, 2017, the Debtors conducted an Auction. In accordance with the Bidding Procedures Order, the Debtors have (a) reviewed and evaluated each bid made at the Auction on the basis of financial and contractual terms and other factors relevant to the sale process, including those factors affecting the speed and certainty of consummating the sale transaction and (b) selected (i) the Stalking Horse Bid submitted by the Stalking Horse Bidder for the purchase of the Purchased Assets for a purchase price of $20 million plus the assumption of certain liabilities as the Successful Bid with respect to the Purchased Assets and (ii) the bid submitted by TCP Algenist LLC for the purchase of the Algenist Equity for a purchase price of $900,000 as the Successful Bid with respect to the Algenist Equity.”

The notice continues, “In addition,  the Debtors selected (a) the bid submitted by Gruener Ventures for the purchase of the IP Assets for a purchase price of $3.2 million as the Alternate Bid with respect to the IP Assets, (b) the bid submitted by Lawrence Johnson, a representative of the Salim Group, for the purchase of the Peoria Facility for a purchase price of $3.325 million as the Alternate Bid with respect to the Peoria Facility and (c) the bid submitted by Gruener Ventures for the purchase of the Algenist Equity for a purchase price of $875,000 as the Alternate Bid with respect to the Algenist Equity.”

A hearing to consider approval of the successful and alternate bids is scheduled for September 15, 2017.

Read more TerraVia bankruptcy news.