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Ignoring the results of the Companies Creditors Arrangement Act proceedings will not make them go away. It is just the beginning for this company and its breakthrough product and technology
This nonsense about BioAmber being a debt ridden shell, and shares will be canceled/worthless because of some vague US LAW is more pinkyland wishful thinking - certainly not back by facts.
CS
LOL
SMH
Since it's likely the first time it's been looked at, I suggest starting with the 1st and 2nd monitor's reports that detail the restructuring process and what CCAA is, ALL subsequent Reports, court documents and the 11th Report for a summary of the most current state of the company, and the orders from the Canadian and US courts authorizing the Visolis Transaction. They're a good read.
This nonsense about BioAmber being a debt ridden shell, and shares will be canceled because of some vague US LAW is more pinkyland wishful thinking - certainly not back by facts.
CS
Provide a link to the results?
This nonsense about BioAmber being a debt ridden shell, and shares will be canceled because of some vague US LAW is more pinkyland wishful thinking - certainly not back by facts.
CS
Royalties must be paid on any product sold...
Creditors cannot collect from the sold products if the royalties are not paid...
Where does the Monitor STATE THIS!
You are misrepresenting what the Monitor's role is in these COMPANIES CREDITORS ARRANGEMENT ACT proceedings!
Roquette is producing BioSA, Reverdia was dissolved April 1st 2019.
DSM non exclusively licenses biosuccinium-technology to Roquette as of April 1st
BioAmber Inc holds the Worldwide exclusive licensing and technology rights from Cargill. BioAmber has proven with their yeast that they are the lowest cost BioSA producer in the world.
Both US and Canadian courts have signed off as non fraudulent transactions or proceedings so not sure where that idea comes from...
Bioamber is restructuring...
But what about the Plan of Arrangement.... After all we are in Companies CREDITORS ARRANGEMENT Act proceedings and not Bankruptcy!
A Plan can entail all kinds of things including:
This nonsense about BioAmber being a shell, and shares will be canceled because of some vague US LAW is more pinkyland wishful thinking - certainly not back by facts.
CS
"does not expect"
"not anticipated"
"net proceeds"
"Companies Creditors Arrangement Act"
You have completely misrepresented the facts - in the 11th Monitor's Report it clearly states net proceeds:
This is common knowledge since PWC showed the upfront purchase price from the Visolis Transaction was $4.3 Million USD...
Of course, creditors will not receive more from THAT transaction...
But what about the Plan of Arrangement.... After all we are in Companies CREDITORS ARRANGEMENT Act proceedings and not Bankruptcy!
A Plan can entail all kinds of things including:
This nonsense about BioAmber being a shell, and shares will be canceled because of some vague US LAW is more pinkyland wishful thinking - certainly not back by facts.
CS
First of all, "The Company" is actually 3 companies, BioAmber Inc, BioAmber Sarnia, and BioAmber Canada. PWC reminds stakeholders of this on every new Monitor's Report issued.
Since PWC is currently working to realize value for BIOAMBER INC's (USA) assets like the Cargill exclusive worldwide licensing agreement, then it cannot be a SHELL.
A company must notify the SEC immediately if it has become a SHELL...
BioAmber Sarnia has no more assets, it is essentially a shell.
BioAmber Canada has never held assets of value, it is now essentially a shell.
BioAmber Inc still holds contractual licensing and non-assertion agreements, Executory contracts and tax loss carryforwards. BioAmber Secured creditors have zero security over BioAmber Inc SHARES or ASSETS!
BioAmber Inc IS NOT A SHELL
BIOAMBER INC = COMMON SHARES
If continuing Companies Creditors Arrangement Act Proceedings will cause hardship on creditors and use of their funds, PWC in its role as Monitor must immediately transfer to Bankruptcy or Receivership proceedings.
THE COMPANY HAS BEEN IN COMPANIES CREDITORS ARRANGEMeNT ACT PROCEEDINGS FOR EXACTLY 6 MONTHS POST VISOLIS TRANSACTION, OCTOBER 22nd 2018!
ONCE AGAIN BIOAMBER INC HAS MINIMAL DEBT!
CANADIAN CREDITORS WILL BE TAKEN CARE OF THROUGH THE COMPANIES CREDITORS ARRANGEMENT ACT! ITS SIMPLE STUFF
WHEN a PLAN OF ARRANGEMENT has been filed The Purchaser (LCYB?) can acquire all of BIOAMBER INC shares and continue the business and utilize all of the NOL's!
FALSE!
PROVIDE A LINK
BIOAMBERS MAIN PROCEEDING IS CCAA
Ofcourse the NOL's still have value LOL
BioAmber Inc holds the majority of the NOL's and was able to add another ~$91 million USD after the Visolis Transaction...
You see since BioAmber Inc owns 100% of BioAmber Sarnia through common shares and make all make payments through loan and equity contributions to BioAmber Sarnia(The Plant).
Since secured creditors will not be covered by the Visolis Transaction proceeds, BioAmber Sarnia is deemed to have "liquidated" and BioAmber Inc will received no net proceeds for their ~$91 million investment in BioAmber Sarnia shares. That means BioAmber Inc can take a ~$91 million dollar loss in 2018 on just their investment in Sarnia...
That puts the USABLE NOL's at roughly $410+ Million USD
The Purchaser (LCYB) can acquire the shares of BioAmber Inc through a Plan of Arrangement.... By doing so they will be able to take advantage of all the tax loss carryforwards!
PWC would not list the tax loss carryforwards as an ASSET unless they were an ASSET!
The Story has just begun...
PWC's role is to CREATE VALUE! There's a reason they have been paid millions in restructuring fees.
All the information to make a calculated investment decision in BioAmber can be found online in the public forum. Seeking consultation from a Professional Advisor if unsure about any court documents is always a good idea.
Can a link to this assumption be provided?
LoL
Wow
No understanding of the Companies Creditors Arrangement Act
Bioamber BioChemicals owned a plant??
That's certainly news to everyone!
Where is it located?
I wonder it it's bigger than 33,000 Mt Sarnia Facility
What does BioAmber BioChemicals Inc do? Since when is PWC the Monitor of this corporation
Mike Hartmann is the only Director as of TODAY....https://www.ic.gc.ca/app/scr/cc/CorporationsCanada/fdrlCrpDtls.html?corpId=9636307
Its a federal law that any ACTIVE corporation must update the directors within 15 days if there are any changes or no directors...
BioAmber BioChemicals is ACTIVE and PWC is apparently the Monitor for them yet they are not in any Court documents...?
Maybe it is part of the RESTRUCTURING as stated by PWC in court on March 15th
Seriously?
Well, BioAmber Sarnia and BioAmber Canada filed for CCAA proceedings.
BioAmber Inc filed for Chapter 11 proceedings.
BioAmber filed for dismissal of Chapter 11 proceedings and asked to Judge to recognize the Canadian CCAA proceedings as the MAIN proceeding under Chapter 15.
Because of the 3 companies interconnected relationships both the US and Canadian Courts agreed that all companies would restructure under 1 proceeding that allowed the most flexibility...
HAHHAHA
FALSE
Chapter 15 recognizes a cross border case aka CCAA is THE MAIN PROCEEDING\
Why did Chapter 15 recognize the CCAA as the Main proceeding for a SALE AS A GOING CONCERN but now suddenly PWC AND CCAA have no authority or control of the US company...
I'll stick with PWC's story... Restructoring makes sense and is logical LOL
Since they are acting on behalf of BioAmber Inc, BioAmber Sarnia, BioAmber Canada and BioAmber BioChemicals which never seems to get talked about....
Yes what is happening to BioAmber BioChemicals and why is it not involvbed in the proceedings yet PWC and Mica Arlette are still filing paperwork for BioAmber BioChemicals....
WOW
What funds is BioAmber using to file for Chapter 7 liquidation hearings...
Also since everything has been "liquidated" by PWC in the CCAA proceedings, what is the US judge going to do ... HAHAHHA
Lol link or source to the madeup statement??
Haha wow, why would the US courts recognize the CCAA proceedings and then waste more time and do it all again in the US hahahha
3 separate companiess
The US cannot discharge Canadian debt on Canadian companies ahahhaha
All secured debt is on Sarnia, prove it wrong!!
Its a foreign subsidiary
CHAPTER 11 DISMISSED and terminated in June
CHAPTER 15 GRANTED CCAA as the Main proceeding in June.
THE INITIAL SISP WAS IN JUNE. It was for the Business as a whole aka all 3 companies....
We are still under CCAA
Bioamber Inc USA is what shareholders own and has no debt, along with valuable licensing agreements and massive NOL's
Once again, nothing to back up this proven wrong claim..
Why continue to post about a worthless stock haha
Ccaa is the main proceeding for all 3 entities...
Nothing else
CCAA: What happens when a company files for protection from creditors under the Companies Creditors Arrangement Act
April. 21 2019
What is the Ccaa....
Straight from PWC
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Irrelevant, false and proven wrong repetitively.
Secured debt is SECURED by only the Sarnia assets and shares. NOT Bioamber Inc assets or shares....
Reading PWC reports would be a start
3 separate Entities...
Common Shareholders own Bioamber Inc...
Secured creditors have zero security over equity holders of bioa
Good thing chapter 11 was Dismissed and Bioamber is restructuring through the Companies Creditors Arrangement Act.
Lol the code
Seriously?
Its in Ccaa, ask PWC the Ccaa court appointed monitor...
Thanks for providing the Motion for Assignment of the Reverdia STA... That everyone and their dog has already seen since September...
That assignment would have put LCY over the $5 million USD total investment cap...
What value does the exclusive worldwide license from Cargill hold?
Btw Reverdia was dissolved as of April 1st and transfered all rights to DSM....
Thats weird... DSM was on the service list the entire process until LCYB replaced them....
LCYB was created to own and operate the Sarnia assets. Visolis has now moved into Reverdias old spot in Netherlands...
If one actually reads the Motion it entails a lot more than just paying royolaties of $408k LOL
Btw what contracts do you think the Judge ordered on.... LoL
That is not correct.
The US Bankruptcy court has recognized the CCAA proceedings as the MAIN proceedings.
Which is why the CCAA proceedings deal with all of the US(Cargill agreement!?) and Canadian ASSETS. PWC is acting on behalf of all 3 entities on a consolidated basis. Not just the Canadian Subsidiaries... LOL
Its funny how the "Call for Bids" in the CCAA proceedings included BioAmber INC shares and assets...
Someone should contact PWC and let them know they aren't following some mysterious US BANKRUPTCY LAW
PWC has never and will never state this:
No need to contact PWC, they talk about it in the last 3 Monitor Reports!
Here I'll post the most recent:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-053_031119a.pdf
Seriously.
What nonsense - Since it's tough to understand secured debt here's a chart:
The court has not assumed anything, only individuals. The court is very clear, CCAA is the main proceeding and :
Those that don't understand this is under the CCAA and not US Bankruptcy, should never invest in a stock going through a cross-border restructuring.
NO SECURITY OVER US ASSETS OR BIOAMBER SHARES!
CS
Excellent DD
SECURED CREDITORS HAVE ZERO SECURITY OVER BIOAMBER INC SHARES OR ASSETS!
LOL Companies' Creditors Arrangement Act....
I wonder what the Creditors Arrangement part stands for.....
NOT BANKRUPTCY hahahahah
Interim distribution of CCAA net proceeds is FAR from a Plan of Arrangement.
Remember a Company must file one to conclude the Companies' Creditors Arrangement Act Proceedings....
Not one link can be provided that says DELAWARE has the "upper hand" and these proceedings are pointless because the company and its lawyers will waste more of the net proceeds so they can start MORE proceedings in DELAWARE after the MAIN proceedings conclude.... HAHHAHAH
SECURED CREDITORS HAVE ZERO SECURITY OVER BIOAMBER INC SHARES OR ASSETS!
Excellent DD, thanks for posting that.
Chapter 15 is not a proceeding on its own... HUH ... But I thought everything was going back to Delaware... LOL
The Companies' Creditors Arrangement Act is the ONLY proceeding currently...
The US Chapter 15 recognizes the CCAA as the MAIN proceeding.
The Companies' Creditors Arrangement Act proceedings will end at the conclusion after filing a Plan of Arrangement. It is called the Companies' Creditors Arrangement Act for a reason and not Bankruptcy or Liquidation proceedings....
Each company can submit their own Plan of Arrangement or file on a consolidated one together (BioAmber Inc, BioAmber Sarnia and BioAmber Canada)
The CCAA consolidates the proceedings for administrative purposes only.... not a consolidation of assets.
The Secured Creditors ~$40 million CAD have ZERO security or authority over BioAmber Inc(US ENTITY) and its assets, including contracts and licensing agreements...
That WILL not happen.
The US courts have given recognition of the CCAA proceedings in Canada as the MAIN proceedings.
The CCAA proceedings are a consolidation of the companies for administrative purposes only and not a consolidation of the company's assets. Each company is allowed to Submit their own Plan or they can submit together...
$40,000,000 CAD of Secured debt is secured to the Assets of BioAmber Sarnia and the Shares of BioAmber Sarnia.
These creditors have no security or jurisdiction over BioAmber Inc assets.
BioAmber Inc holds the licensing and technology agreements, non-assertion agreements, off-take contracts, engineering plans for Plant 2(come with Davy license) and substantial tax loss carryforwards.
The secured creditors CAN NOT TOUCH THESE ASSETS.
BioAmber shareholders OWN THESE ASSETS.
Still waiting for the filing of the Plan(s) of Arrangement....
Its still under the Companies' Creditors Arrangement Act
Generic US bankruptcy LAWS do not apply.
Chapter 11 has been DISMISSED AND TERMINATED
I thought BioAmber shares were not in the purview of the Monitor (PWC)