I understand perfectly what the CCAA is for, and time was given to "potentially restructure and realize value for creditors and even continue operations." That was the original plan and presented to potential bidders/investors/buyers in the SISP last July.
Stay with me here, because I'm shifting to the results of the CCAA, what actually happened to BioAmber.
That SISP did not get 1 single bid to help the company continue operations. No restructuring, no refinancing, no recapitalization, nobody wanting to buy the company as a whole. Not 1 bid.
Then, it moved to liquidation, they got 2 bids, selected the JV between Visolis and LCY bid for $4.34M, and that closed in October.
Once that was done, the fate of the company was sealed. The proceeds would never pay the debt, and the company now had no operations. The board and the executives had resigned, and the employees were laid off, save a couple to help them move the remaining inventory/parts/tools out for sale.
All of that is clearly documented in the monitor's reports.
The secured creditors are the ones paying the bills, since they're the only ones getting any cash out of this, and I expect they're not pleased with having to pay the monitor for another month while he deals with the Crane peeps. Up until this delay, the stays were to continue to collect up the accounts receivable (good sum of money there), sell the inventory, parts, and tools, and negotiate with the secured creditors on their recoveries.
There's nothing in the works. There's nothing left to restructure, no operations to make anything, and no employees to make it. It is very certain this company is going to be dissolved and the shares cancelled. It is just a matter of time.
