BioAmber Inc fka BIOAQ

[1manband]

Is there really a way for NewCo to buy the commons (whether to get the NOLs, the listing, or just to keep their investor credibility and do that legally but not pay the rest of the debts?

No, there is not.

Bankruptcy is not a "get out of debt free" card. The laws are very strict - unless ALL debtors and creditors are satisfied with 100% of what they are owed, equity holders (preferred and then common shareholders) get nothing. And surviving and being carried over to a new company would be illegal unless the other conditions and classes (debtors and creditors) are satisfied because it would be considered a payment to equity holders. And there is no chance of that happening here.

That is how bankruptcy works. It is the law.