BioAmber Inc fka BIOAQ

[youngster-moon]

What's even more interesting is this, BioAmber went through a liquidation process/scenario, here are examples:
https://www.prnewswire.com/news-releases/bioamber-provides-update-on-liquidation-process-300694748.html
https://www.prnewswire.com/news-releases/bioamber-provides-update-on-liquidation-process-300737882.html

Key word is process/scenario because if it was an actual liquidation the description of BioAmber on the PwC website would be this (this is from another company in CCAA):


Also, if there is no POA and the unsecured creditors are getting any recovery why doesn't BioAmber have this description on the PwC website (another example from another company):


The best part is in 2018 when BioAmber claimed that they didn't have enough customers to have the plant running at full capacity, 30,000 MT. But in acquisition opportunity they state that 4 customers take up 20k of the 30k MT that's able to be produced in the Sarnia facility with the lowest cost operating bio succinic acid plant.



Cheapest BioSA produced by BioAmber+ 4 current customers for bio-based succinic totaling 20,000 MT + Vinmar offtake 100,000 ton BDO plant agreement for 15 years with there bio-based BDO supplying more than 20 purchasers of petroleum BDO = $4.3M liquidation

LMFAO okay, just add it onto the entire story of BioAmber:

On page five its quotes that the Petitioners’ management approved and supported the Visolis Transaction with footnoted #10, before their resignation of August 31st, 2018. Now if management approved and supported the Visolis Transaction then obviously they know all the details about what is happening. Lets turn to Mr. Eno’s and Ms. Richstone’s result of BioAmber’s restructuring process and state BioAmber (sold).







Now why does Eno state the “sale of the company” and Richstone state “debt restructure through courts” instead of asset purchase/liquidation of assets.
Also why does Ms. William state significant mandates as counsel for BDC Capital in the CCAA proceeding of BioAmber when BDC didn’t receive any part of the $4.3M from the Visolis transaction.



Of course there will be statements that say its clear as day that PwC states 4.3M, that’s it, nothing else, goodbye shareholder, etc. Why would PwC’s intention to lie and why wouldn’t they tell the truth.
How does PwC “accidently” release two confidential bids during the SISP surprisingly and supposedly better bids then the $4.3M Visolis offered, Greenfield: CAD$15M-CAD$30M and PTT US$40M-US$60M and then have everyone management and secured creditors be happy with $4.3M instead of the two better offers that were released “accidentally” which resulted in them being removed.



Why does PwC hold a motion from the public for almost six months until CSCS finds the hole and demands it to be posted. More importantly what’s the odd’s that it was a mistake when the motion clearly states two strategic bidders for the business as a whole.



11 bids in total
9 for parts:

2 for whole:


There was 11 bids, the 9 part bids are clearly not for the business as a whole. Now that leaves two bid remaining, Visolis and GFive. GFive clearly offers money for the entire company and has plans for the shares but loses in the Second SISP. That leaves one more bid and turned out to be the winning bid, Visolis. How is Visolis a strategic bidder for the business as a whole if they only bought the majority of the assets if there isn’t a second step… clearly doesn’t make sense.

Focus on what a Qualified strategic bidder is from CSCS:
You can either bid for THE ASSETS (Lot 1,2,3)
But if you do this you will be a non-qualified bidder.
In order to be a Qualified Bidder, you must meet certain conditions.
With respect to THE ASSETS (VISOLIS TRANSACTION) is D)
BUT when it comes to "With respect to the Recapitalisation" or condition E),
THIS CONDITION IS MANDATORY AND NOT "IF APPLICABLE"
LCY AND VISOLIS WERE QUALIFIED BIDDERS!


On the topic for the business as a whole, why does PwC state the Sale of the Company with Company being defined as all there entities if the process resulted in an asset purchase, another lie or is there more to come?

Why did PwC release the Tenth report of the Monitor on 02/08/19 that nearly dropped the price per share more than 75% and resulted in 20,000,000 shares being traded that day but served the Tenth report not until 02/12/19 to the service list. Again PwC being shady or just an awful display of doing their job?



Why did PwC release The order dated 05/24/19 on 06/26/19 right before the judge’s judgement of Crane’s overlook on the Contracts that stated that shareholders had the ability to view those contracts if they attended Crane’s office during the previous stay. Again is PwC trying to avoid shareholders at seeing the truth or just an awful display of doing their job.



Also, with the affirm letter of LCY, that “affirms” the deal of Visolis, still wont be shown even though is apparently as simple as affirming the deal, mind blowing to say the least.



And here we are in July finally having the CCAA close and PwC still sticking to the fact that its only an asset purchase of $4.3M where LCYB plans to have the plant fully functioning and producing in October 2019 with no contracts, formulas, and a plant in their name for succinic acid and other products (things that take years to develop and find).

BioAmber has the plant in their name,


The contracts in their name and the formulas in their name,
https://www.greencarcongress.com/2014/01/20140123-bioamber.html

All they needed was another plant to fund the process,
Weird KKR just funded $900,000,00 for “the Facility” the day after the June 26th stay was supposed to end.

““The Term Lending Agreement provides for asset purchases and future advances by the Administrative Agent on behalf of the Buyer of up to $900,000,000 (the “Facility”) for certain pre-identified assets. The Facility will be partially drawn on the Closing Date and, upon the satisfaction of certain conditions, on the dates of any future advances and future purchases.”
https://www.sec.gov/Archives/edgar/data/1631596/000114036119012019/form8k.htm

The complex restructuring does not end in a $4.3M asset purchase, there is still more to come and its clearly supported in the above information by a two step transaction.





PwC was hired to handle the CCAA and handle the CCAA ONLY, what comes after is nothing they can control. Interesting KKR owner of LCY is selling notes and the example of Section 338 election has to do with selling notes for a share purchase which will be what happens to BioAmber.



Here’s also something interesting to think about also. November 2018 there was an article written that a billion dollar bio investment was coming into Industrial Park in Sarnia, just so happens where BioAmber is located. That investment was support to be announced early spring, just so happens when BioAmber would have been done with the CCAA if Henry and Ronald just disturb the process. And now here we are in July and the investment has yet to be announced.



The truth will be relieved very soon, i guess PwC is really struggling with the monitors discharge certificate