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The Monitor has yet to issue a Monitor's Report on an update of the complex restructuring since the March 15 hearing which only 1 member of the public attended...
Has PWC ever stated in writing "Shares are canceled"
This is under the Companies' Creditors Arrangement Act.
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
BioAmber Inc owns the Licensing rights including the exclusive worldwide Cargill technology license and very little debt...
BIOA shareholders own BioAmber Inc, not Sarnia.
Sarnia assets have been sold. The transaction closed in October 2018.
The secured debt was linked to SARNIA ASSETS only
Yes, they are very clear, as spoken to the Judge on March 15th, this is a complex restructuring...
Let's look at the secured debt to see where it all belong...
BioAmber shareholders own BioAmber Inc... which doesn't have any secured debt besides the Bridging Litigation and the Mitsui Indemnity Agreement...
Let's not forget this is a restructuring as per PWC...
What about the contractual rights like licensing and non-assertion agreements that BioAmber Inc(US Parent) retained following the Visolis Transaction. OR how about tax-loss carryforwards....
Let's look at the secured debt to see where it all belong...
BioAmber shareholders own BioAmber Inc... which doesn't have any secured debt besides the Bridging Litigation and the Mitsui Indemnity Agreement...
Let's not forget this is a restructuring as per PWC...
The Monitor's Reports are easy to understand.
The stock holds tremendous value for the ultimate holders.
If people stick to the facts and not "reading between the lines" and creating complete fantasies that not only directly contradict the reports but also the Companies' Creditors Arrangement Act, they will know the stock is not going to be canceled.
Anyone holding the shares at the conclusion of the Companies' Creditors Arrangement Act proceedings will not lose 100% of their investment in this stock.
Canadian CCAA court documents can be found here:
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/court-motions-and-orders.html
PWC Reports can be found here:
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/monitor-s-reports.html
US Chapter 15 Court docs can be found here:
https://www.pacermonitor.com/public/case/24653251/BioAmber_Inc_and_BioAmber_Inc
Dimissed Chapter 11 docs can be found here:
https://www.pacermonitor.com/public/case/24419228/BioAmber_Inc
What is CCAA?
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.htmle
CCAA Frequently Asked Questions:
https://www.pwc.com/ca/en/services/insolvency-assignments/ccaa-faqs.html
Reading the details of that direct offering with institutional investors and the limitations that the warrants are subject to would be a good start.
Then reading the Waiver and amendments made to the Comerica Loan agreement in the 2 weeks prior to that offering...
Yes so under CCAA the rules and "LAWS" are different then US Chapter 11 or 7 like this has been repeatedly compared to...
Under CCAA a Plan of Arrangement has no limits on what it can entail:
-How long term debt will be dealt with: share exchange, new shares, pay it off or refinance on new terms
-How contracts and employees are dealt with
-How suppliers are dealt with
-How equity holders are dealt with
-What was or is going to be implemented to cut costs
-How long will this Plan take to implement
-What regulatory steps need to be taken to complete the Plan
-Will the Plan cause hardship to any stakeholders (creditors, employees, suppliers, shareholders)
-The structure of the Company that emerges from the CCAA
Similar to the Bid criteria for an LOI in BioAmber Inc...
Yes, the Companies' Creditors Arrangement Act, a federal act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.
What is CCAA?
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
CCAA Frequiently Asked Questions:
https://www.pwc.com/ca/en/services/insolvency-assignments/ccaa-faqs.html
All three companies are under the Companies' Creditor Arrangement Act for administrative purposes.
CCAA is still ongoing hahaha
Want 3 magic wishes while we're at it! LOL
zero docs, links, screenshots to anything of importance to BIOAQ///
Plan of Arrangement is the final step LOL BASIC AND SIMPLE STUFF
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
LOL
based on what law or regulations??
Suggesting PWC is acting unfaithfully in a fraudulent matter is serious...
The courts must be notified immediately...
Companies' Creditors Arrangement Act
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Oh yeah, Let's not forget:
What does PWC state about forecasts:
Anticipated** and that was early February, it's now April...
PWC has not confirmed "cancelation", "ccaa failed" "restructuring failed", or "company is liquidated"....
PWC did state March 15th in Montreal to the Judge that this is a complex restructuring...
Is PWC lying to the courts and judge?
Rick Eno wasn't even with Bioamber yet... Wow!
Any documents to support this theory?
Continuing to ignore the results of the CCAA won't make them go away.
All of that is very clearly documented in the monitor's reports and the court motions and orders.
Sing "cancelation" all day, the results of the CCAA are clear. The company is in the midst of a complex restructuring.
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Notice taken, the "Q" designation was added when BioAmber Inc Voluntarily filed for Chapter 11 in the USA so that it could then file for recognization of a Foreign Main proceeding under Chapter 15 once the CCAA Proceedings in Canada commenced. The Companies' Creditors Arrangement Act is the MAIN PROCEEDING under which The Company is restructuring its financial affairs.
The "Q" will stay on the ticker until the completion and outcome of the Plan of Arrangement and conclusion of the Companies' Creditors Arrangement Act Proceedings.
Look it up, see what it means.
That. Is. All.
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
It's in CCAA... not bankruptcy like continuously repeated.
Unfortunately this may not be obvious to some individuals until it is too late and a Plan of Arrangement is filed before the conclusion of the Companies' Creditors Arrangement Act Proceedings.
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Federal Companies' Creditors Arrangement Act
If the Judge felt that a restructure of the companies business and financial affairs was not an option or would cause hardship on the creditors he would immediately dismiss the Stay of Proceeding and the Company would go into bankruptcy or receivership.
As stated by PWC at the March 15th Court hearing under the Companies' Creditors Arrangement Act in Montreal, Quebec. The company is in the midst of a complex restructuring.
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Anything to back up that claim?
These are proceedings under the Companies' Creditors Arrangement Act...
Not Bankruptcy...
To conclude CCAA proceedings a Plan of Arrangement is filed and voted on...
Have you seen a Plan yet? No
So why are PWC thieves?
Because impatient individuals didn't make a quick buck off this stock?
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
If this was true:
In that case as per the most recent Monitor's Report and further updated to TWO parties at the March 15th Hearing:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-053_031119a.pdf
Not Bankruptcy, CCAA*
https://www.pwc.com/ca/en/services/insolvency-assignments/ccaa-faqs.html
What is CCAA?
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Here is the most recent Motion for Extension of the Stay of Proceedings:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-055_031419.pdf
Here is the Order Granting that Motion based on Sections 4 and 5 of the CCAA:
https://laws-lois.justice.gc.ca/eng/acts/C-36/page-2.html#h-3
https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02284.html#toc7
CSCS
Simple
No amounts owing to someone cannot be paid.
Example if I owe Jim $0, then I would not pay Jim anything.
If I owe Jim $2, I pay Jim $2. Jim has now been paid.
When Jim's wife asks if I paid Jim, he will respond "All amounts subject to the Jim charge have now been paid"
If I didn't owe Jim anything then Jim would respond "No amounts subject to the Jim charge are owed nor have been paid"
No PAYMENTS subject to the KERP Charge have been paid is what PWC should have put if the "cancelation fantasy" was true because of the OTC Bankruptcy Detectives who are never wrong! PWC is hiding a secret transaction from the Judge....
Filing a Plan of Arrangement to conclude CCAA is no secret lol
KERP Charge was approved by the CREDITORS and JUDGE in July. The initial SISP ended without an acceptable acquirer at the end of July. The Third Amended and Reinstated Initial Order was filed and approved AFTER the Initial SISP... The KERP Charge is still valid and approved to this day.
So as per PWC, not anyone else:
Okay
Simple
No amounts owing to someone cannot be paid.
Example if I owe Jim $0, then I would not pay Jim anything.
If I owe Jim $2, I pay Jim $2. Jim has now been paid.
When Jim's wife asks if I paid Jim, he will respond "All amounts subject to the Jim charge have now been paid"
If I didn't owe Jim anything then Jim would respond "No amounts subject to the Jim charge are owed nor have been paid"
Instead of $2, it could be ice cream or corn sludge. The point is, everyone knows you can't "now been paid" nothing.
So as per PWC, not anyone else:
The minimum that amount could be as per PWC:
LOL
You know that the "Plan of Arrangement" ie - must be agreed upon by 2/3 of each creditor class affected, right? After the sale of assets in a liquidation scenario (3 weeks), it made it a lot easier to acquire the remaining assets, tax-losses, contracts and licensing agreements through the filing of a "Plan of Arrangement" after LCY was taken Private and no longer was limited to $5 million USD investment.
Unless BioAmber is dismissed from CCAA proceedings and files an NOI for bankruptcy or receivership. SHARES ARE SAFE.
You're wrong.
Corrected
Similar to how there have been hundreds of posts claiming that the shares will be canceled and, by association, shareholders will loose everything. Yet, nary a single shred of evidence in the form of PWC statements, or court documents, in support of the (extremely loony) idea has ever been provided. None.
False statement after false statement to continue a false narrative without any documents, links or screenshots to back it up...
Documents and Links > "Opinions" "False narratives" "cancelation fantasy" "THE LAW"
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.
The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court. There are no restrictions on what the Plan can entail. It is not uncommon to see offers to pay a percentage on the dollar of debt, either as a lump sum or over a period of time. Plans can include an offer of shares of the company in exchange for the debt outstanding or a combination of cash and shares. The debtor can identify a particular creditor or group of creditors as "unaffected." Unaffected creditors are included in the Plan and are not to be paid in the normal course. One of the benefits of the CCAA is that it allows for this flexibility when trying to put together a Plan.
Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them. If a class of creditors approves the Plan, it is binding on all creditors within the class, subject to the Court's approval of the Plan. If all of the classes of creditors (and shareholders, if applicable) approve the Plan, the Court must then approve the Plan as a final step. Upon Court approval, the company continues forward as outlined under the Plan until it has satisfied the requirements under the Plan.
If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted. However, once the Stay has been lifted, the pressures that caused the company to initially file for CCAA protection from its creditors will likely return and, accordingly, it is quite likely that the company will be placed into receivership or bankruptcy.
I wonder what PWC "Meant" by this:
https://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-045_121318.pdf
Post of the Year!
Thanks for contributing so much
If there'd been a complete cancelation of all of the shares, it would be prominently included in the monitor's reports to the bankruptcy court and judge in a clear and direct statement. Either show that, or give up the false and misleading fantasy that the shares will be canceled.
As always vital information has been omitted.
Ignoring the facts and Court documents won't make them go away
The total proceeds from the VISOLIS Transaction that closed in October 2018...that is meaningless and outdated, it's now April 2019...
I suggest reading the 11th Monitor's Report from March 11th, 2019:
Here's need a reminder, PWC mentions in the 9th report that they are seeking an acceptable acquirer for the contractual rights...
PWC even gave an update that discussions with 2 parties continue at the March 15th court hearing... They discussed this complex restructuring....
Why would the Purchaser want to file a Plan of Arrangement with the creditors... Well to take advantage of licensing and employment agreements along with the substantial tax loss carryforwards...
So what!?! Lol
None of that has anything to do with the corn sludge debt ridden shell soon to be canceled stock you own!
That is not how US bankruptcy LAW works, someone doesn't pay an insane amount of debt just to buy something worth 10x more!
You actually think DSM would waste any time on this money losing shell!?! When they can make their own contractors.
Shareholders need to understand that The Law states Bioamber cannot be acquired! It's there, look it up I'm not here to spoon feed.
LCY bought the company not the business, it's a big difference!
There is no secret transaction hidden from the US Bankruptcy Judge who is the Law.
This will be canceled because of bankruptcy IRS code says nols don't work anymore.