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With a 400 million dollar purchase, it seems like secured and unsecured creditors could have been paid easily.
Wasn't this information from a different buyout scenario/company? Someone posted over the weekend two scenario's with Eno doing a head fake and the first scenario he wasn't in at all?
Well said!
From LOI
"Apart from Succinic acid, we intend to produce other higher value products with significantly higher margins at the Sarnia facility via licensing certain Visolis proprietary technology to NewCo. This will help improve the profitability of consolidated operations significantly. Furthermore, LCY's extensive sales and operations in China can significantly accelerate adoption of NewCo's Succinic acid.
43. The Visolis Transaction includes the assets of BioAmber Inc., A U.S. based company over which the Interim Lender and the Comerica Syndicate do not have security. A portion of the value of the Visolis Transaction will be allocated to BioAmber Inc. and will not be included in eventual distribution to the Interim Lender and the Comerica Syndicate.
BioAmber Inc comprises of shareholders?
And BioAmber Inc assets are, patents, R & D breakthroughs and trade secrets?
Visolis and LCY stated that they are forming a New Company.
I don't think PWC ever stated that, only BioAmber in PR's. But I maybe wrong.
Some investors are probably getting out and will jump back in closer to Oct 26.
Letter Of Intent for Investment in BioAmber, Inc.
"we are pleased to express out intent to purchase all the assets offered pursuant to your process as follows: "Lot 1 - Building and Land", Lot 2 - Movable Property" and "Lot 3 - Intangibles (collectively the "Assets"). We hereby offer to purchase the Assets for a total upfront purchase price of ____________. Please note that the Assets would include intangible assets such as trade secrets, patents, and R & D breakthroughs."
Liquidation Value of Plant and equipment 39,131,00 Market Value 74,631
Secured Creditors 39,423,00
Unsecured Creditors 23,801,024.12
Total Creditors 63,224,024.12
The Second Monitors Report and the Sixth doesn't address commons or stakeholders,
only secured and unsecured creditors -
IMO top bid for all three lots was more than 65,000,000, but only a portion allotted for plant and equipment, bidder had to raise bid on that lot to pay secured and unsecured creditors for Sarnia.
KKR paid LCY 1.56 billion
BioAmber is top producer of succinic acid - IMO the bid was higher than 65,000,000
LCY - 800,000,000 outstanding shares- KKR bought for over 1.50 a share
BIOAQ - 130,000,000 outstanding shares-
Because will be depleted by transaction close
Are they not buying all assets, tangible and intangible?
KKR paid 1.56 billion for all shares of LCY - over 1.5 per share - outstanding shares over 800,000,000. We only have roughly 135,000,000 outstanding shares. IMO the purchase price includes a price per share buyout and is the reason for the upfront payment to be increased for creditors.
KKR purchased all of LCY’s shares on 7/22/18 for
1.5 billion
From latest motion:
The upfront amount paid needed to be increased to cover secured creditors
The purchase price was fair and reasonable considering market value
PWC fair and market value of plant and equipment in first report was 75-95 million - this is more than enough to pay debt.
That amount was just for plant and equipment
Maybe LCY will be paying most of the purchase price with a share exchange
That was for a different co
Great post!
And the sale of these assets can’t go to creditors
What other assets does BioAmber Inc have?
Hopefully so
I think when you’re spending millions for a company, you would round to the nearest dollar
The monitors reports with kerp don’t have the cents value.
Drop the .99
What to you think the purchase price is?
Guess at the purchase price?
Maybe we get paid first?
Are the NOLs transferrable in this transaction?
Not making sense. The DIP lender was 3,000,000 was it not?
Wasn't the DIP funding 3,000,000? So you're thinking what? The plant with all its assets, sold for about 5,000,000?
9 digits is at least 100,000,000. This is great.
20. Raise their upfront consideration,
Pg 4
Item 23:
The proposed transaction includes the purchase of all the rights and interest of the Petitioners in and to the Books and Records, the Owned Real Property, the Owned Movable Property and the Owned Intellectual Property, which constitutes all of the Petitioners assets
IMO PWC hasn’t released a report yet because they are deciding how much detail to include
Sideliners still waiting on purchase price
A $12,000.00 buy
The filing was approved on the 12th.
They should have collected money yesterday, so anytime now we should have news.
Even if it's not ADM buying, we should hear something anytime.
I heard Pepsi releases news at midnight on Saturday.
Makes sense
I re read the tweet and Outdoorliving said he also called.
Good luck and fortune to you. Your time is here.