Cancellation of the common shares will happen. See Section 1124 under Title 11 of the US Bankruptcy Code.
BioAmber IS CURRENTLY BANKRUPT under Chapter 15 of the US Bankruptcy Code.
There is no plan of arrangement. All attempts at reorganization failed, which is why the Company was liquidated.
There is nothing of value left to reorganize, which is why the company is being wound up.
The docs are VERY clear. There is no restructuring. That failed.
All the assets have been liquidated and ALL the BioAmber companies are being wound-up.
Once the Canadian Proceeding is closed it will move back to Delaware (as BioAmber Inc. is a Delaware Corp)
which is where Mitsui and Bridge will duke it out and then the remaining debt of BioAmber Inc. will be expunged and the equity along with it.
Here is an informative article by the President and CEO of OTC Markets about Short "Volume" v "Interest"
Short VOLUME is not Short INTEREST even though promoter run websites like OTCSHORTREPORT try to portray short VOLUME as naked short INTEREST. It’s not...in any way.
The short interest on BIOAQ as of January 15, 2019 was a little over 21,000 shares.
There is no restructuring or sale of the company as PwC has disclosed. As a result it went to liquidation at the end of July.
Plant sold for $4.3 million US and there is no value coming to the equity claims.
The secured creditors have been approved thus far a total of $3.5M recovery, final distributions still pending. They were owed a total of $39.4M
The unsecured creditors have received $0. They were owed a total of $23.8M.
The only transaction was the sale of the assets for $4.34M and the sell off of the remaining inventory, there is nothing else.
Teke it from the monitor, shares are not safe. Shareholders are going to lose 100% of their investment in this stock:
Good point-by-point explanations:
"SALE OF THE COMPANY"
December 23, 2019
SHAREHOLDERS WILL REMAIN INTACT
BioAmber completed the CCAA proceedings (Companies Creditor's Arrangement Act), on December 23, 2019 upon the filing of the Discharge Certificate. Under CCAA, (Canada law, not US) BioAmber was not in liquidation, receivership, or bankruptcy. Learn more about CCAA here. The monitor was PwC (PriceWaterhouseCoopers) with extended powers from the Canadian court, and facilitated sales transactions with Visolis and LCY Chemical Corp, which together formed the joint venture LCY Biosciences "LCYB", the designated purchaser that purchased and will now continue to operate the Sarnia plant. These transactions must include both assets of the Companies and shares of BioAmber Inc. (the US Parent company), in a multi-step transaction, which aims to take advantage of BioAmber's IP, trade secrets, patents, R&D breakthroughs, Vinmar contracts, and tax benefits of BioAmber's NOLs.
LCY Chemical itself was just recently purchased by KKR in a 1.5 billion dollar acquisition, whereby LCY Chemical Corp is now a private company. Learn more about that transaction here.
PwC's various updates can be found on their website here.
PWC RELEASES AUGUST COURT MOTION ON FEBRUARY 14, 2019 - CONFIRMS SALE FOR
See Page 4, #18
The Visolis and LCY Chemical Corp joint venture, LCY Biosciences "LCYB" is the strategic buyer
FEB 8, 2019 Evening Update
NEWS !! PWC Updates Shares Worthless, FINRA Notified
Stick a fork in BIOAQ's common shares. They are DONE.
Today's Tenth Monitor's Report, issued by PwC specifically to dispel the internet rumors of the common shares having value, proves the common shares are not only worthless, but will be cancelled.
See Sections 16, 18, 19 below.
Anyone holding the common shares when FINRA (who has been notified by PwC) will lose 100% of their investment. Assuming they have a chance to sell, of course. FINRA could decide to delete the ticker at any time from this point forward.
IMPORTANT NOTICE !!
Company Liquidation is COMPLETED
Ticker Deleted by FINRA on 11-21-2019.
They will no longer exist for trading.