Bankruptcy: Danimer Scientific, Inc.

Form Type: 8-K

Filing Date: 2025-03-18

Corporate Action: Bankruptcy

Type: New

Accession Number: 000095017025041367

Filing Summary: On March 18, 2025, Danimer Scientific, Inc. and its subsidiaries filed voluntary petitions for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The company aimed to jointly administer the proceedings under the caption 'In re Danimer Scientific, Inc., et al., Case No. 25-10518 (MFW)', seeking to operate as 'debtors in possession' during an orderly winddown of operations while attempting to preserve asset value. A debtor-in-possession facility of $1 million in new loans, potentially increasing to $3 million with final approval, was requested to sustain operations, cover payroll, and meet other funding needs. The company also filed an 'NOL Motion' to establish procedures to protect its net operating losses and tax attributes during the bankruptcy process. The commencement of Chapter 11 triggered a default status on approximately $400.8 million in obligations, impacting various financing agreements, with significant implications for shareholders and company operations.

Document Link: View Document

Form Type: 8-K

Filing Date: 2025-02-11

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000095017025018029

Filing Summary: On February 5, 2025, Danimer Scientific, Inc. experienced events of default on its Super Senior Secured Uninsured Promissory Note, resulting in notice of acceleration and a subsequent forbearance agreement with the payees. The interest rate on the note increased from 15.0% to 17.0% per annum, with the aggregate amount owed totaling approximately $14.9 million. Additionally, concurrent to this, the Company received notice of acceleration regarding its outstanding term loans, amounting to approximately $133.5 million. A standstill period of 180 days has been established during which lenders generally cannot enforce payment obligations or liens under the financing agreement. The Company is managing its obligations under these agreements and does not foresee immediate material impacts during this standstill period.

Document Link: View Document