AMRS Stock Recent News

Amyris (NASDAQ: AMRS ) stock is rising higher on Friday with heavy trading after the biotechnology company filed for bankruptcy. AMRS stock is bouncing back after the company's stock took a beating on Thursday when it first announced its bankruptcy.

Synthetic biotechnology company Amyris filed for Chapter 11 bankruptcy protection as it restructures, leading its share price to drop more than 70% in early trading Thursday.

Amyris (NASDAQ: AMRS ) stock is falling on Thursday after the company filed for Chapter 11 bankruptcy protection. According to a press release from Amyris, the company is entering bankruptcy to facilitate a restructuring of its business.

Cash-strapped specialty renewable products developer Amyris remains on life support by largest shareholder and creditor John Doerr. In recent months, Doerr has provided another $157.5 million in secured debt financing thus increasing his total secured debtholdings to $290 million with more likely to come. Last week, the company warned investors of a potential in-court restructuring as part of its ongoing restructuring efforts.

The resignation of Amyris' CEO is likely to be viewed as a positive by many, but the implications of this are negative. Management turnover and the engagement of a consulting firm are not signs of a healthy business. Poor communication with shareholders also remains an issue. The company is reportedly trying to cut costs, but its efforts may not be as aggressive as necessary.

Earlier this month, cash-strapped specialty renewable products developer Amyris announced a strategic transformation program to improve the company's cost and capital structure and liquidity. Secured debtholders agreed to amend the terms of existing credit facilities and waive existing defaults. The company also secured up to $50 million in additional loan commitments from Anesma Group LLC, an entity affiliated with director and largest shareholder John Doerr.

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Amyris (AMRS) sees lower sales in its Consumer and Technology Access segments in the first quarter.

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Amyris: Sub-Scale With High Fixed Costs And Limited Growth