BioAmber Inc fka BIOAQ

[Inertech]

I believe item 58 was a comparison paragraph if you read it closely it was comparing Visolis to the other bids. The part about none of the bids have any recovery for unsecured debt was relating to the alternate bids not Visolis. Item 60 says it clearly that the Vislois transaction offers immediate recovery to creditors from the assets sales. It says creditors not secured creditors. If it only covered secured it would have spelled that out. In a nut shell Visolis strategic offer was the only one to offer immediate recovery to creditors the other strategic offer most likely covered creditors but they would not amend their bid to upfront cash and wanted forward payouts to creditors which is why they lost the bid. Read item 60 and 58 again carefully more so 58 youll see where PWC makes the comparison of Visolis to the alternate bidders. the second sentence is pertaining to those alternates not Visolis. Item 60 states clearly Visolis transaction will cover creditors.