Solar Biotech Files for Bankruptcy After Canadian Acquisition
America ı By Rihem Akkouche
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Virginia-based synthetic biology products maker Solar Biotech Inc. and an affiliate have filed for Chapter 11 bankruptcy protection in Delaware. This move comes almost a year after the company announced the acquisition of a Canadian biotechnology firm.
Solar Biotech Files for Bankruptcy : Financial Estimates and Creditors
In its bankruptcy petition filed Sunday, Solar Biotech estimated its debt and assets to be between $10 million and $50 million. The company also listed between 100 and 199 creditors. Solar Biotech, founded in 2019, leverages proprietary manufacturing processes to produce synthetic biology materials for applications in food, cosmetics, and other industries.
Acquisition of Noblegen
In July 2023, Solar Biotech announced the acquisition of Noblegen, a Canadian company specializing in using microorganisms to create food-grade biosynthetic products. Noblegen Inc. has also filed for Chapter 11 bankruptcy protection in Delaware on Sunday.
Solar Biotech files for bankruptcy : Legal Representation
Solar Biotech is represented by Cheryl Ann Santaniello of Porzio Bromberg & Newman PC.
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