Wrong. The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is the MAIN PROCEEDING. US COURTS RECOGNIZE THE CCAA AS THE MAIN FOREIGN PROCEEDING.
Is this a Bankruptcy Proceeding, in one word, NO!
Chapter 15 is not a proceeding on its own hahaha wow
Chapter 15 simply recognizes a foreign main proceeding and allows that foreign main proceeding access to US Courts for ease of cross border proceedings.
IT CANNOT END UP IN CHAPTER 15 PROCEEDINGS BECAUSE THOSE DON'T EXIST ON THEIR OWN
The Company (BioAmber Inc, BioAmber Sarnia, and BioAmber Canada) is currently in the midst of a complex restructuring through The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") it is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs
The proceedings in Canada will not affect the Chapter 15 action in the US. Which is where this will all end up.
AI
