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.