THE PLAN FOR BIOAMBER
The Delaware Court has recognized the CCAA process as a foreign main proceeding via the Chapter 15 Recognition Order, thereby granting the CCAA jurisdiction.
While it is tempting to seize upon meanings of words in isolation, e.g. "liquidation", "bankruptcy", and draw conclusions simply on those solitary definitions, it requires a blind spot of massive proportion to fail to see the larger picture in the aggregate, namely:
1. This is a restructuring of BioAmber whereby the acquiring company will invest, own, operate, and continue to produce bio-based succinic acid and derivatives;
2. LCY Biosciences "LCYB", the joint venture between Visolis and LCY Chemical Corp will operate the Sarnia plant using a mixture of proprietary technology from a handful of companies, including BioAmber;
3. KKR (who has just acquired LCY Chemical Corp.), has a stated interest in the global impact of their investment choices, including social, and will seek the most positive outcomes;
4. The value of the NOLs are retained as a result of the continuity of the business as a whole maintaining operations;
5. A 2nd plant will be built in order to further meet the increasingly present and future market demand of bio-based products;
6. BioAmber provides a tremendous depth of value apart from the NOLs and physical assets (i.e. Sarnia plant and land), this being the intangible assets such as contracts, trade secrets, patents, and R&D breakthroughs;
7. The infrastructure, groundwork, investment, and value BioAmber has created is of sufficient depth such that secured and unsecured creditors, BioAmber shareholders, the Courts, PwC, employees of Visolis/BioAmber/LCY Chemical Corp./KKR, attorneys representing these entities, peripheral companies with agreements and contracts with BioAmber, and indeed the general public at large, all have a vested interest and intention to see the positive outcome and continuity of BioAmber through this restructuring.
