BioAmber Inc fka BIOAQ

[Brucebannerr]

Call it what you want . Chapter 15 is bankruptcy in the U.S. The only real assets were in Canada as a Canadian corporation. A wholly owned sub of the now empty shell that was liquidated. The only assets left belonging to BioAmber inc. are some office furnishings. Inventory and accounts recievable. They still get all the unsecured debt owed as bioamber Sarnia was 100% theirs . The money paid for the intangible assets will go to the creditors as they fall in line . That is what #25 is about . The bid was for all 3 lots in a lump sum . So pwc had to put a valuation on the intangible assets. With the creditors backing . Whatever value pwc put on the intangible assets will go to creditors. In the last 10k they value them at 4 million . Even at full value they would not finish covering the secured debt .
Not sure what you mean by setting up new company . The new company is a private Canadian corporation.