Yeah, really helps to read what CCAA is all about and what things could have been done if there were any willing companies to help out.
Unfortunately, for BioAmber in its CCAA, nothing worked out.
Restructuring, reorganization, refinancing, sale of the company all failed at the end of July when the SISP didn't get a single bid. That's an undeniable fact.
The company's assets were then sold in a liquidation for $4.34M, closed in October. That's an undeniable fact.
Those proceeds barely cover 10% of BioAmber's secured debt, much less the unsecured debt and the other obligations.
This company now has no employees, no operations, no assets, no sources of income with which to pay more than the 5% that will be paid at the conclusion of the proceedings. That's it. It is an empty, debt ridden shell.
Rather than reading what might have been in CCAA, time would be better spent in reading and understanding what really happened in this company's proceedings by reading the monitor's reports and the court motions and orders. It is clear and undeniable despite the many attempts to mislead into thinking there's something more coming down the turnpike. We are way down the road from the things that were possible in CCAA, there are clear results documented. Ignoring those results won't make them go away.
Shareholders will lose 100% of their investment in this stock.
AI
