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Post# of 145723
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trader59

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Re: broken_clock post# 67383

Friday, 04/05/2019 10:11:34 PM

Friday, April 05, 2019 10:11:34 PM

Post# of 145723
The KERP program was approved by the judge, and a version of letter was sent to the employees who were in the program. A payout of KERP required that the DIP Lender, Comerica Bank (on behalf of the Sr. Secured lenders, Mitsui & Co., Ltd, "Her Majesty the Queen," and BDC Capital be paid in full in cash. The proceeds of the liquidation were grossly inadequate for that, so no payments were made for the KERP, ever.

The motion that set up the KERP is here:

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

The judge's order approving it is here:

https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-019_071918.pdf

The judges requirement of the secured creditors being paid in full is on page 12 of the judge's order, presuming there's anyone seeking actual facts.
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