BioAmber Inc fka BIOAQ

[Swisher27]

Found a good reference on acquiring distressed companies in Canada. Recommend skimming through it if you need answers to any questions which haven't been answered. A lot of what i've read is in our favor with respect to this deal. They also break down the differences between a Financial and Strategic buyer in the first few paragraphs. Here's an excerpt:

Outside of a formal restructuring, prospective investors and purchasers
are often reluctant to invest funds in distressed businesses only in exchange for new equity. This is the case because the new equity will be in a first-loss position and it is rare that the equity investment alone will fix all of the problems
faced by the business. Usually, a restructuring of the operations and the balance sheet are also required.
Accordingly, investors and prospective purchasers will typically use the
offer to invest new equity into the business as leverage to negotiate concessions from creditors and other stakeholders that are necessary to implement a successful restructuring of the business. The restructuring can be completed inside or outside a formal insolvency proceeding.
As part of its equity injection, an equity sponsor will obtain an ownership position in the business and can effect changes to the board of directors and management of the target. Ultimately, an equity sponsor can drive the reorganization process and can influence the strategic direction of the business.
A prospective investor should be aware that the directors of the corporation have certain duties under the applicable corporate statutes to ensure that the value for which new equity is issued is appropriate. In some circumstances, a valuation of the business may be required. In addition, if there is an existing
shareholders’ agreement, the company will need to comply with that shareholders’ agreement in structuring the new equity investment. A new shareholders’ agreement including the new investor may be required. Obviously, the corporation issuing the new securities will also need to comply with all applicable securities laws in connection with the issuance of any new equity.

https://mcmillan.ca/Files/LegalStrategiesAcquiringDistressedBus_Can_0807.pdf