TerraVia Holdings, Inc. (NASDAQ:TVIA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Certain Officers.
On September 28, 2017, immediately following the completion of the transaction described below in Item 8.01, the employment of Apu Mody, the Chief Executive Officer of TerraVia Holdings, Inc. (the “Company”) was terminated, as was the employment of Tyler Painter, the Company’s Chief Operating Officer and Chief Financial Officer and the employment of Peter Licari, the Company’s Chief Technology Officer.
Item 8.01 Other Events.
On August 2, 2017, the Company and certain of the Company’s wholly owned domestic subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Filing”). Contemporaneously with the Bankruptcy Filing, on August 2, 2017, the Debtors filed a motion seeking entry of an order approving, among other things, the sale of the Debtors’ assets. On September 15, 2017, the United States Bankruptcy Court for the District of Delaware entered orders approving (i) the sale of substantially all of the Debtors’ assets to Corbion N.V. and (ii) the sale of the Company’s 19.9% equity interest in Algenist Holdings, Inc. to TCP Algenist LLC. The sale of the Company’s 19.9% equity interest in Algenist Holdings, Inc. to TCP Algenist LLC was completed on September 26, 2017. The sale of substantially all of the Debtors’ assets to Corbion N.V. was completed on September 28, 2017.
