From the SEC:
"Regardless of the type of bankruptcy a company files under, any common stock in a bankrupt company is likely to be worthless. That is because the common stock (that is, “equity”) is the last in line to receive what’s available to be distributed in a bankruptcy proceeding. Creditors, including bondholders, suppliers and employees, all come before holders of the company’s common stock. And, even if a company successfully reorganizes, its plan of reorganization often cancels the existing shares of common stock." https://www.sec.gov/oiea/investor-alerts-bulletins/ib_bankruptcy.html
Only if the secured and unsecured creditors are repaid in full is there a chance the equity isn't canceled.
Also from the SEC:
"How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
Stockholders- owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid." https://www.sec.gov/reportspubs/investor-publications/investorpubsbankrupthtm.html
As you can read from the SEC if the secured creditors are impaired - then the Equity will be cancelled.
From the Monitor’s report:
"30. The total net recoveries in the CCAA Proceedings are less than the amounts payable to the Secured Claimants. As such, there are no proceeds available for distribution to parties other than the Secured Claimants, including unsecured creditors or holders of equity claims."
Say Adios to the BioAmber shares as they are finished.