BioAmber Inc (fka BIOAQ)

[trader59]

No payments were made for the KERP because the program requirements were not met. This motion describes and requested the KERP:

https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-015_071818.pdf

The KERP was to be paid out of the proceeds of the SISP. Payments were subordinated to repaying the DIP lender in full and the secured creditors in full from the successful SISP proceeds. The program was requested and approved on that basis, the employees would help sell the company and/or plant, everybody with a secured claim gets paid, and the employees get their KERP bonuses from the leftovers.
Problem was the SISP didn't get a single bid, much less one that paid the secured creditors in full. The requirements of the KERP were not met.

As further proof, every monitor's report has a cash flow report in it, and there have been no payments made for the KERP program.