One more time: BioAmber sought CCAA protection because Comerica Bank (HQ in Texas) called in a loan, which in Feb 2018 had a balance of $10.4M, past due, apparently. The bank would not accept 30% now = about $3M with the balance being re-financed. At that point, the BoD/Management Team led by CEO Eno sought protection.
What's interesting is: We don't know the reason. Other options were available. Ostensibly, they could have sought financing from any other bank, e.g., US Bank, HQ in Minneapolis, with knowledge of the Midwest production base. But the company leadership chose this route. It's all quite mysterious to me, given the options that were available for survival in this cutting edge emerging technological market.
