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Algae-Based Food Co. TerraVia Hits Ch. 11, Seeking Fast Sale

Law360, Wilmington (August 2, 2017, 2:15 PM EDT) -- Algae-based food maker TerraVia Holdings Inc. filed for Chapter 11 protection Wednesday in Delaware saddled with roughly $200 million in debt and seeking a quick sale, with Dutch firm Corbion NV putting in a $20 million stalking horse bid.

In papers filed with the Delaware bankruptcy court, TerraVia, which was formerly known as Solazyme Inc., pushed to have its sale process completed by early September, contending that extending it any further would risk running the company into a liquidity crisis.

Founded in 2003 with the initial...
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