BioAmber Inc fka BIOAQ

[Swisher27]

"Section 36(1) of the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36 (the “CCAA”) permits a debtor to sell its assets outside the ordinary course of business so long as it obtains permission from the court. The court may authorize such a sale without regard to whether shareholder approval was required or obtained. Under s. 36(2), a debtor that applies for court authorization of an asset sale must give notice to secured creditors who are likely to be affected by the proposed sale.

The sales process is typically provided for in a sales process order (the “SPO”) issued by the court. Before bringing a motion to the court for the approval of the sales process, the debtor works in consultation with the Monitor to determine the appropriate steps to be taken to maximize value and ensure that a fair and effective sales process is undertaken. A CCAA asset sale is usually accomplished through one of two methods: a sealed tender bidding process or a stalking horse bidding process. Both methods have the effect of selling the debtor’s assets free and clear of any claims against the debtor and the purchaser, but the steps taken to reach this result vary significantly from one process to the other."

https://www.lexisnexis.com/ca/guidance/mergersandacquisitions/document/415544/5GNG-BXN1-F003-H2DG-00000-00/CCAA_Proceedings__Sale_of_Assets____Overview