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No, the second SISP in "Liquidation Scenario" ended with qualified bid(s).
LCY and Visolis had a LOI for Investment in Bioamber.
The Board of Directors and the Court approved the Qualified bids prior to voluntarily resigning at the end of August.
The first bid was for the assets. That transaction is referred to as the Visolis Transaction.
The second bid was for investment in or recapitalization of Bioamber Inc. Until that transaction closes, you will not find any amounts owed to the KERP charge in cash flow sheets as stated in court documents. After it this second transaction closes, the remaining 2/3 of the Incentive payments will be made and the whole payment will be reflected on the cash flow forecast.
The SISP in Liquidation Scenario has resulted in successful qualified bid(s).
Therefore the 1/3 of the Incentive Payments have been made as per the KERP charge.
In the KERP summary it is stated that the "Prospective Purchaser" anticipates transferring the commercial team, along with Mike Hartmann to Bioamber Sarnia Inc or a US entity. They also expect to retain all current employees of Bioamber Sarnia Inc.
Bioamber Sarnia Inc has updated their Government of Canada "Federal Corporation Information" to state the company no longer has any directors.
Bioamber Biochemicals Inc has updated its Directors list to include Mike Hartmann following the Visolis Transaction.
Corporations Canada must be notified of any change in the Board of Directors within 15 days of the following actions:
-new directors are elected, or
-individuals cease to be directors.
This is the LAW
Mike Hartmann is currently the director of Bioamber Biochemicals Inc.
Bioamber Biochemicals Inc shares the same 1201 Vidal Street address as Bioamber Sarnia Inc.
That means the second SISP was successful, and amounts owing to the KERP charge have been paid. As per the Third Amended Initial Order the KERP charge subordinates the Interim and Secured Lenders.
Secured Lenders must be paid in full in cash, in order for any amounts owed subject to the KERP charge to be be paid.
LCY and Visolis submitted Qualified Bids for Bioamber
You have shares in a debt ridden insolvent shell? You know your going to loose 100% of your investment?
This company wasted millions on corn sludge that noone wants to buy
Why would someone invest knowing they would loose 100% investment and still not sell...
According to the monitor PWC, no signed and dated Monitors Certificate has been filed with the courts.
This signed and dated Monitors Certificate is essential to the completion of the Visolis Transaction in order to transfer the rights, title and interest of the Bioamber Sarnia Assets to the Purchaser, LCY Biosciences.
MergerMarket who appeared at the Chapter 15 proceedings has been working with PWC "to produce a report to understand how the most successful companies make M&A pay by uncovering hidden value at every stage of the deal lifecycle."
If you sign up to the report here, PWC will send you a copy by the end of January.
More info on the soon to be released report can be found here
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/court-motions-and-orders.html
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber/monitor-s-reports.html
https://www.pacermonitor.com/case/24653251/BioAmber_Inc_and_BioAmber_Inc
The rights, title and interest to the Bioamber Sarnia Asset are still owned by Bioamber Sarnia Inc because the transaction has not closed until the Monitor files a signed and dated Monitors Certificate.
This Monitors Certificate is a requirement of the sale and to vest the purchased Assets .
As of January 29th 2019, No Monitors Certificate had been filed with the court, so the APA(Visolis Transaction) is not complete.
The Ontario Land Registry Office has stated in order to transfer to title of the land to the Purchasers with all Encumbrances expunged,a Monitors Certificate must be filed.
PWC will file a signed and dated Monitors Certificate with the court AFTER the Recapitalization transaction in which the Encumbrances are paid off in full in cash.
Is PWC lying in their Monitors Reports to the Judge?
In the 8th Monitors Report they state that "All amounts owing to the KERP Charge have been paid".
It is documented right in the 8th Monitors Report, black and white.
Why would they say that if it wasn't true?
Can you provide a link to where it says no KERP amounts have been paid?
Incentive Payments(KERP) can be made without material effect on the cash flow forecasts filed in the court.
Its stated right in the KERP description in PWC court documents.
ALL AMOUNTS OWED TO THE KERP CHARGE HAVE BEEN PAID
In order for any amounts to be paid to the KERP charge, the interim lender and secured lenders must be paid in full in cash.
No exceptions.
This is stated the Third Amended and Restated Initial Order that was filed for the Liquidation Process on July 31st 2018.
PWC reported that of the leading bidders during the SISP in liquidation Scenario, 1 or more of the bidders was a qualified bidder or could become one through further review.
For amounts to be owed, the purchaser must be using Key Employees of Bioamber Sarnia like Plant Manager Trever MacLeod who is now the Plant Manager for LCY Biosciences.
PWC and Bioamber are not required to disclose these payments in the most recent court filed cash flow forecasts.
Yes One-third (1/3) of the Incentive Payments have been paid upon the Court-approval of a Successful bid in respect of the Petitioners assets or business.
The remaining Two-thirds (2/3) will be paid upon closing of a Transaction.
A SISP in Liquidation Scenario was Successful.
PWC has not reported the amount paid out to the KERP charge in cash flows because they dont have to.
The KERP summary of employees and all related information is filed under a seal of confidentiality (Exhibit R-10).
We will not know the amount paid owed to the KERP charge that has been paid, unless the the court or PWC discloses such information.
Thanks for posting that.
The SISP in Liquidation Scenario was Successful requiring Incentive Payments to be made as stated in the 8th Monitors Report and the Description of the KERP and KERP Charge provided by you.
The reason no dollar amounts relating to the KERP are in the Monitors Report cash flow charts is because the Incentive Payments can be made without material effect on the most recent cash flow forecast filed in the court records.
Very thin Level 2 on the ask orders to get to $.0174.
PPS will stay this low for only so long...
LCY is delisted in Taiwan and made private on Thursday January 31st...
Announcement regarding Bioamber will be made anytime after that date...
Shareholders are safe...
LCY Biosciences bought the assets to own and operate the Plant.
LCY is buying the Shares to own and operate the Company.
No the Third Amended and Restated Initial Order subordinates the KERP Charge to the interim lender and Secured claimants.
Subordinates means "Belonging to a lower or inferior class or rank".
That means that no amounts can be payable to the KERP charge until the interim lender and secured claimants are PAID IN FULL IN CASH.
Its right in the Monitors reports and Court Order.
SECURED CREDITORS ARE PAID IN FULL IN CASH
The PWC Documents which are the most current and trust worthy in a proceeding like this, say that amounts owing to the KERP charge have been paid as of the December 12th 2018 8th Monitors Report.
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber.html
The Third Amended and Reinstated Order is from July 31st 2018 after the Initial SISP failed so everything in the Order is applicable to the current Process.
A per the Third Order no amounts can be payable to the KERP charge unless the Interim Lender and all secured creditors are paid in full in cash.
These are the court documents and orders that the company and judge must rely on.
SHARE HOLDERS ARE SAFE
DEBT IS PAID FROM A TRANSACTION WITH LCY
All SECURED DEBT has been paid in FULL in CASH
As per the 8th Monitors Report, all amounts owing that are subject to the KERP charge have been paid.
In order to pay the KERP Charges the Interim Lender and the Secured Lenders must be paid in full in cash as per the Third amended and restated Initial Order.
In the 8th Monitors Report the Interim Lender(DIP) was repaid in full on October 26th 2018.
In the estimated cash flow until February 29 2019, there is a forecasted Interim Lender receipt of $2,045,000 as of November 28 2018.
In order for Bioamber to borrow, repay and reborrow from the Interim Lender Maynbridge Capital, they must have the Secured Creditors permission.
The Secured Creditors are getting back only $2,000,000 in an Interim Distribution with the possibility of up-to $1,500,000 more after the recovery of inventory ,accounts receivable and HST rebates.
Why would the Secured Creditors allow Bioamber to borrow more money if they weren't getting paid in full in cash from the transaction(s) with LCY and Visolis.
Why would the Secured Creditors allow Bioamber to keep paying royalty payments if they weren't getting paid in full in cash from the transaction(s) with LCY and Visolis.
Please read the Monitors Reports, court documents and company press releases to make your own judgement on investing in Bioamber.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146300809
PWC is the court appointed monitor for Bioamber with Extended Powers since the Third amended and restated Initial Order.
Bioamber and its subsidiaries are currently in CCAA proceedings, not bankruptcy or liquidation.
Bioambers current proceedings cannot be compared to a Bankruptcy, receivership or liquidation. This is not a Chapter 11 or 7 Bankruptcy in the USA. This is a Chapter 15 which has recognized the CCAA as the main proceedings.
PWC has to ability to file one or more Plans of Arrangement at ANY time they please on behalf of Bioamber during the CCAA proceedings that have been extended until March.
If the Plan of Arrangement includes the Shareholders, we will get to vote before to it is put forward to the CCAA court according to PWC.
Bioambers Current status on PWC's website is CCAA proceedings
PWC is acting on behalf of Bioamber with extended powers that allow them to execute any agreement or sale of the company.
"Crane" which is mentioned in the 9th Monitors Report did not get any information from their letters to the Monitor and Company because it is all confidential information in the courts eyes until the proceedings are complete...
Bioamber INC is NOT in Chapter 11 Bankruptcy Proceedings!
Bioamber INC is in Chapter 15 Proceedings which allow for the Canadian CCAA Proceedings to act as the primary proceeding for the Company.
PWC is acting as the Monitor with extended powers on behalf of Bioamber in the CCAA Proceedings.
PWC updates their website regularly with current Reports of the CCAA Proceedings.
Bioamber INC is included in those proceedings.
Bioamber INC is the Company that shareholders own BIOA(Q).
The Company is restructuring in CCAA Proceedings currently.
According to PWC's reports "The Company is being sold"
The STA Agreement From December 2015 can be found online actually
https://www.sec.gov/Archives/edgar/data/1534287/000156459016014867/bioa-ex1061_303.htm
In the Motion for Assignment of the Agreement that Bioamber filed on behalf of the Purchasers(LCY/VISOLIS) it states that the STA Agreement be kept confidential... its found on the SEC website.
Bioamber is assigning the Purchaser the Agreement. Bioamber can assign the agreement to anyone without asking Reverdia under certain conditions. Plant 2 is one of the conditions if you read the STA Agreement
The continuation of the stay of proceedings has been necessary to complete the current Liquidation Process AND the Visolis Transaction, to maximize value from these proceedings.
Looks like a typical BIOAQ opening, MM's trying to take down the stock with massive purchase orders of 20 and 200 Shares! $0.30 or $3.00.
Dont let them foul you, hold onto your shares, know the value!
Announcement will come soon!
Inform youself with DD, read the relevant STICKIES.
Shareholder meeting will happen!
Shares will be bought out!
Visolis Transaction was just the beginning.
Sure.
The 9th monitor's report is the most current, they report the updates of the SISP in liquidation process up-to the date of filing of the report, which has so far resulted in a bid for the assets announced, the bid of investment and purchase of the business is soon to be announced, stated by Deepak Duagar in Visolis's Letter Of Intent for Investment in Bioamber.
We have yet to see LCY's Letter of Intent for Investment in Bioamber that is mentioned in Visolis's Letter.
LCY Bio-sciences (JV between LCY and Visolis) intends on purchasing all of the Bioambers assets that are in Lots 1,2 and 3.
They offered a UPFRONT purchase price for the assets of $4.3 Million in Visolis's Letter.
PWC provided a Copy of the Service Ontario Land registry in the 6th monitor's report under Lot 1. It is dated September 10th 2018 and shows Bioamber Sarnia as the owner.
All of the Lots and what was includes are now also posted in the 6th monitor's report that was updated December 7th 2018 and reposted online after the "Visolis Transaction"
As of January 13 2019 LCY Biosciences does not own the rights to land of the Sarnia Plant which is included in Lot 1. Bioamber Sarnia continues to be the owner of the Land.
The Land was not included in the Transaction that closed on October 22nd 2018, Bioamber Sarnia is still the owner.
Bioamber Sarnia, Bioamber Inc and Bioamber Canada(if applicable) are all being invested in by LCY and its potential partners through a recapitalization transaction.
Bioamber Sarnia is the owner Sept 10 2018, From 6th Monitor's Report.
Visolis Transaction takes place Oct 22nd 2018.
January 13 2019, Bioamber Sarnia is still the owner of the land.
Bioamber's Ceo Rick Eno, who voluntarily resigned on August 31 2018, had stock options for 1,000,000 shares that were immediately vested and excersizable on that day. Rick is also entitled to 24 months base salary following a "change of control" transaction. Ricks Linkedin was updated after he voluntarily "resigned" to say that the Company ultimately sold after a successful restructuring.
Where is a court or company document that states the "Restructuring failed"?
The "liquidation Process" is still ongoing as updated by the October 25th Press release from Bioamber giving a "Update" on the process.
Bioamber Sarnia still owns the rights to the Land after the "Visolis transaction"...
The "Liquadation Process" allowed companies to bid on the assets of Bioamber and/or a Recapitalization transaction where the purchaser would subscribe to the common shares.
LCY decided to do both transactions.
Please post relevant and up to date DD and not generic statements.
BIOAMBER IS BEING RESTRUCTURED according to PWC, Bioamber and the courts.
If we go back to the very First Monitors Report you will see the Valuation of the Sarnia Succinic Acid plant by Nexant which was done in Febuary 2018. This Report was complete at the request of Bioambers Lenders and Potential Partners.
In the first section of the Valuation Report it mentions that along with its Sarnia Plant, the company has the technology to transform succinic acid into bio-butanediol. The Market for this is estimated to be CAD$12 Billion. The Vinmar Offtake agreement guarantees Vinmar would purchase all of the bio-butanediol produced at the second Plant in Sarnia for 15 years.
Nexant appraised the 30,000 MT Sarnia Plant to be worth CAD$34.5 Million as of January 2018 in a "Orderly Liquidation" or CAD$29.3 Million in a "Distressed Liquidation". That is for the Plant alone.
According the PWC the company's Monitor, all the companies assets including patents, trade secrets and intangibles were sold for a upfront purchase consideration of roughly CAD$5.75 Million in the Visolis Asset Transaction. This amount would represent only a 1/5th of the value that the company could get for the plant alone in a "distressed liquidation" which hasnt taken place.
The overall replacement cost to build a 30,000 MT succinic acid plant in Canada is CAD$175-185 Million as stated in the Report.
The Bioamber Sarnia Plant is in very good condition and better overall conditions than many of the plants Nexant has valued in the past.
Nexant estimates the value of the Sarnia plant as a operating facility to be within the range of CAD$70-90 million. They mention a list of Key Potential buyers and note that the Bioamber team has already been approached by a few companies including 2 noted in the list.
Nexant mentions that the Bioamber team have been approached by a few companies seeking the asset.
Nexant makes a comparison of the Sarnia Plant to a transaction of a plant from Amyris to DSM in November 2017. In May 2017 DSM made an initial equity investment in Amyris of US$25 million, translating into a shareholding of ~12%. Subject to the satisfaction of certain conditions, DSM may invest an additional US$25 million in Amyris.
Both Amyris and DSM could of been the Companies that Approached Bioamber in November 2017 stating interest in the Sarnia plant.
In the 1St Monitors Report it also shows a presentation by PWC where they show potential Buyers of Bioamber. DSM, LCY, Visolis or Roquette Frères do not show up on this list. They mention Reverdia (which is a JV between DSM and Roquette Frères) and its potential if it acquired Bioamber.
PTT Public(a Bioamber customer) and Greenfield Global(ex Bioamber CEO JF Huc is VP of GG) were the 2 Qualified Bidders that were leaked in a court document on PWC's website and then immediately fixed. Both companies pulled theirs Bids during the DD period of the initial SISP after this leak.
If we goto the 4TH Monitors Report which is dated July 30TH and look in the Section listing the Potential Buyers for the second SISP in liquidation scenario we will see DSM, LCY, Roquette Frères, PTT Plubic and Greenfield Global.
Reverdia is not mentioned anymore as a potential Buyer.
The contact for DSM on this list is Michael Wahl and Luc Morin.
Michael Wahl is the VP of Mergers & Acquisitions for DSM and has been for 9 years. Michaels specialty is actually Mergers and Acquisitions.
Luc Morin is a Partner at the Montreal office of law firm Norton Rose Fulbright LLP. He specializes in Financial restructuring.
The VP of Reverdia Atul Thakrar, who is also DSM's President of Bio-based Products and Services is also mentioned in DSM's contact.
LCY is on the list and has Bowei Lee as the contact. Bowei Lee is mentioned as the Chairman of LCY Biosciences after the Violis transaction according the Quebec corporation documents.
Bowei Lee is the previous Chairman of LCY Chemicals and is heading the LCY and KKR Joint venture taking LCY Private.
The service list available on PWC's website at this point(July 2018) had Counsel representing DSM Bio-based Products and Services on it, which we thought was on behalf of Reverdia. They have also used the same lawyer here in the Service list as in the Potential Buyers list who is Luc Morin of Norton Rose Fulbright LLP.
The second SISP in "Liquidation scenario" has as far as been updated by Bioamber on a October 25th 2018 Press release resulted in a asset sale referred to as the Visolis Asset Transaction.
The Visolis transaction was a sale of assets that closed on Oct 22ND 2018 to a company created by LCY and Visolis as a joint venture to purchase the assets. This company was referred in Monitors reports and court Documents is 9384-3076 Quebec Inc. they have since changed the name to LCY Biosciences. The upfront purchase price was USD$4.3 Million.
The most recent Service list on PWC's website from December 18 2018 has 9384-3076 Quebec Inc on the list now, and they have "replaced" DSM on the list and are being represented by Luc Morin and Norten Rose Fulbright instead.
We dont know the details of the JV, LCY Biosciences that has been created to purchase Bioambers Assets.
We do know that Visolis shares a past with DSM. Current Visolis President Deepak Dugar worked for DSM in 2012.
The Current VP of Business Development at Visolis BV is Erik Rutten who previously worked for DSM for 24 years in various positions including Senior Investment Manager and VP of R&D USA operations for DSM.
Visolis BV. was created on Febuary 16 2018.
On October 10TH 2018 Visolis BV appointed Hendrikus Johannes Jozef Rutten as a Director. Hendrikus is an inventor who has patents linked to DSM in the late 80's-early 90's.
Visolis BV is located in a Plant sharing the same land as DSM in the Netherlands.
Visolis might have access to DSM's new low ph yeast at the Facility in the Netherlands. Visolis and LCY could of compared Cargill's yeast strain which Bioamber currently uses with DSM"S strain, during the DD period of the initial SISP or following a agreement.
Visolis has a hands reach relationship with DSM. Cargill's royalties for exclusive use of their yeast will skyrocket in the coming years if they want to move forward with Plant 2 or 3.
DSM can offer a better deal to access to a more advantageous yeast and on better terms than Cargill's
The next transaction to happen will be the Recapitalization or Share Transaction where LCY and potential partners buy The Company, comprising of Bioamber Inc, Bioamber Sarnia and Bioamber Canada.
$4.3 Million for everything is a joke...
Competitors saw potential for Bioamber and its assets in 2017 prior to the Nexant Assesment and the CCAA and Bankruptcy proceedings.
Bioamber Sarnia still owns the Land and Bioamber Inc still owns the patents as of January 13TH 2019.
According the Court documents and monitors reports the Company is being sold is the best interest of all stakeholders that includes shareholders, employees, previous company management and directors(who were compensated in Shares) and creditors!
Links, DD and screenshots of documents relating to Bioamber are found in my posts
SHAREHOLDERS ARE SAFE
As of January 13th 2019, the Land the Sarnia 30,000 MT Bio Succinic Acid plant is located on is still owned by Bioamber Sarnia and not LCY Bio-sciences or 9384-3076 Quebec Inc.
That means there is another transaction, other than the Visolis which closed on October 22 2018, that will change ownership of the land the plant is located on.
The Company is being sold!
A Shareholders meeting will be announced for the ultimate shareholders.
There will be a recapitalization/share purchase transaction as part of this "Liquidation Process"
The Director of Finance and Deputy General Mananger of LCY Elastomers LP in Texas of 22 years is now also currently the CFO/General Manager of LCY Bio-sciences in Sarnia.
LCY is buying BIOAQ
LCY stops trading today in Taiwan and will be delisted and become a private company on January 31st. The Lee family will then enter into a JV with KKR to own LCY. The Lee family owning 45% and KKR 55%.
As per the KERP, secured debt is paid in full in cash!
Royalties are still being paid!
Restructuring fees have been paid!
The Purchaser wants to assume the rights to use "Bio technology" from the Reverdia STA in a transaction other than the APA/Visolis transaction!
The Company is being sold!
Could you please post a link with the documents that backup your post and claims? I know the PWC website has been great for when im trying to find the companies most up to date information pertaining to this specific company...
The most recent monitors report is the 9TH dated December 21st not the 7TH....
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber.html
According to the most recent 8K put out by the company on October 25TH, they are still in the Liquidation Process after the Visolis Asset transaction which happened on October 22ND...
Nowhere has it been stated in any document that the second SISP in liquidation scenario failed...
2 Transactions, 1 ASSEST, 1 RECAPITALIZATION is in the best interest of all stakeholders including shareholders....
According to the 9TH Montiors Report, the Company is selling or sold...
According the the previous CEO Rick Eno the Company ultimately sold...
You dont pay restructuring fees (which bioamber has been) if you dont restructure...
According to the Motion for the Assignement of an Agreement that was filed with the judge in September, The "Purchaser" agreed to take over the Agreement in September.
In December in the 9th Monitors report it was stated that "The Company" still had the contract after the "Visolis asset transaction" took place in October.
That means that the "Purchaser" bought or is going to buy "The Company" along with the assets of "The Company". In order to do this they would need to buy the common shares of "The Company".
The monitor reported in the 8TH Monitors Report that "The Company" forecasted royalties to be paid before February 2019.
The Purchaser is LCY
The Company is Bioamber
LCY Bought Bioamber
I posted the docs here
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146113604
Can you provide a link to these statements?
Your post is misleading and contains false information without factoring the most update court documents.
Please provide a the link to "PWC directly stating shareholders are not safe?
Bioamber is not a debt ridden shell
Bioamber is not Bankrupt
They are in CCAA restructuring proceedings
All of my posts have current and relevant information and research specific to Bioamber and its proceedings. No generic "Bankruptcy 101" , "its the Law" or "Shares will be cancelled!" posts.
Shareholders are safe
Please read and research through all the court documents to get a better understanding of where Bioamber sits in its current restructuring proceedings
Shareholders are safe
CEO Richard Eno took his postion and became a board member of Bio-amber in Sept 2017. Previously Richard was Senior Partner and Member of the North America Management Team at Roland Berger where he led evaluation of M&A opportunities and subsequent merger integration. The selection of Mr. Eno caps a search process facilitated by Spencer Stuart, a global executive search firm which specializes in placing senior management personnel.
A month earlier in August 2017 Richard was quoted at the World Congress on Industrial Biotechnology expressing how industrial biotechnology, like Bioamber, is far out pacing the chemical industry.
Yes that fact and that fact alone are the only similarities. The shareholders meeting will be held for BIOAMBER INC, the other companies like you have mentioned ie Orbite Technologies Inc have no relevance to the current proceedings for BIOAMBER INC besides the same wording of postponing the shareholders meeting in some documents. To make a comparison that these companies and there value as a company are similar is untrue and miss-leading.
DD should be relevant to this COMPANY only, no unjustified comparisons to other companies situations.
Another company and there proceedings cannot be compared to Bioambers current restructuring through CCAA
It is part of the Recapitalization transaction (Share purchase/swap)
PWC does not mention the Reverdia agreement in any Monitor Reports until the 9th. We know based on the motion for the Assignment of Agreement filed In September, that the Purchaser (LCY/Visolis) would like to take over the agreement and continue to produce Bio Succinic Acid.
The 9th monitors report said the company still retained the Reverdia agreement post VISOLIS transaction. This is the monitors first mention of the agreement in a report. If the purchaser wanted to be assigned to that agreement it would have to take place in a transaction that resulted in "the company" being purchased (common shares)
Thanks for the link to Bioambers filings
https://www.sec.gov/Archives/edgar/data/1534287/000119312518157720/d583057dnt10q.htm
If you look at the Form NT 10-Q filed May 9, 2018
The company explains that the company and its subsidiaries will not be able to make a timely filing because of its Voluntary Bankruptcy and CCAA proceedings.
That means the company with there limited staff will not be able to make further filings either pending the proceedings and outcome of the proceedings.
Except
The Vinmar Off-take Agreement had to achieve its financial close by December 31, 2018
The Visolis Asset transaction was completed October, 2018
Vinmar announced a new Polymers resale and distribution company on August 17, 2018 called Vinmar Polymers America (VPA)
Vinmar Polymers America announced on Novemnber 21, 2018 that they had appointed a new Commerical Director of Canada to "focus on establishing a Canadian presence for VPA"
The Visolis Asset Transaction for the Sarnia plant cleared the way for Vinmars announcement regarding the Canadian Market in anticipation of a 2nd larger 200,000 MT Plant built in Sarnia
The most recent Monitors Report,the Ninth from PWC was dated December 21,2018 and filed that same day along with the "Motion for the extension of the Stay of Proceedings from PWC
PWC did not disclose of the Ninth Monitors Report on there website until January 3rd,2019 the evening before PWC was to appear in court again to approve the stay. The Order for the extension of the Stay of proceedings was signed and approved the next day by the Judge for 2 and a half months. No mention was made of the Vinmar contractual agreement in the 9th report because it was to be signed before DECEMBER 31,2018
No new updates or Monitors Reports have been issued since December 21,2018
The debt is gone and this is in voluntary CCAA Proceedings in Canada not Bankruptcy.
The Judge in the chapter 15 case in the US for Bioamber INC has allowed Bioamber INC to Recognize the CCAA proceeding as the "Foreign Main Proceeding"
PWC described the Visolis Asset sale more value than a bankruptcy
CCAA proceedings allow for multiple transactions and Plans of Arrangement
The initial SISP process of restructuring did not result in a "Acceptable bid from a Qualified Bidder"
The company moved forward with a Liquidation process of restructuring the company. The result was an asset sale and recapitalization transaction.
The company is on its way to profits with a record quarter for BioAmber in Q4 2017 with a 755% increase on a year over year basis. Bioamber continued to market new products and added more customers in 2018 Q1 before the voluntary proceedings.
Here are links and documents that support that the debt is gone
Shareholder meeting will be announced for the "ultimate shareholders"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146071798
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146084334
https://www.pacermonitor.com/case/24653251/BioAmber_Inc_and_BioAmber_Inc
The most up to date information on the progress of this "Liquidation Process" is in Monitors report dated December 21st,2018.
https://www.pwc.com/ca/en/services/insolvency-assignments/bioamber.html
This report in conjunction with the previous montiors reports and additional court documents posted on the PWC website and pacer monitor will give you a clear picture to what is actually going on.
Market Makers are playing games with this stock. Attempts to drop the share price and keep it low can be found including this morning
Step 1 Assest Sale
Step 2 Recapitalization Transaction
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146113604
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146132515
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146130961
The Motion for the Assignment of an Agreement referring to the Reverdia Agreement, which was filed in court in September says that the Purchaser agrees to take over the contract and pay the monetary defaults and royalties under the STA agreement under that transaction.
The Visolis Transaction closed in October as per Monitor reports.
In the most recent Monitors Report, the Ninth, which is from December it explains that the company retained those contracts after the VISOLIS transaction.
The "Confidential" STA agreement from 2015 is available online from the SEC here
https://www.sec.gov/Archives/edgar/data/1534287/000156459016014867/bioa-ex1061_303.htm
More transactions must come!
FACTS WIN along real documents pertaining to this company and its restructuring process
MORE TO COME