Dutch ingredients giant Corbion NV won an auction for the bulk of TerraVia's assets with a $20 million (€16.7 million) offer, reports Law360.
The stalking horse bid submitted by Corbion was selected by TerraVia after it evaluated each bid made at an auction held Monday, counsel for the debtors reportedly told a Delaware bankruptcy court.
The decision was based on the “financial and contractual terms and other factors relevant to the sale process," it said.
On Aug. 22, the attorneys for the debtors noted Corbion's bid, which includes the assumption of some liabilities, was subject to any higher bids.
