Biotech firm Amyris Inc on Wednesday said it has filed for Chapter 11 bankruptcy in a U.S. court and is planning to sell its consumer brands to improve the company’s liquidity position.

Amyris said it has secured a $190 million financing commitment to support day-to-day operations, adding that its entities outside the U.S. are not included in the bankruptcy proceedings.

In a filing with the Delaware bankruptcy court, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billon to $10 billion.

“Restructuring is intended to improve the Company’s cost structure, capital structure, and liquidity position while streamlining Amyris’ business portfolio to focus on its core competencies in R&D...,” the company said.

In June, Amyris said it was cutting jobs to reduce costs and appointed Han Kieftenbeld as new interim CEO, following the resignation of John Melo.

Amyris had also initiated a “strategic transformation program” in June and secured a term loan facility of up to $50 million.

Reporting by Juby Babu in Bengaluru; Editing by Rashmi Aich

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