Secured and Unsecured Creditors: Zero Uproar
To date there has been zero uproar from secured and unsecured creditors of BioAmber Inc., BioAmber Sarnia Inc., and BioAmber Canada Inc.
Why is that?
Unless all of BioAmber's creditors simultaneously had a lapse in judgement of colossal proportions, the most obvious answer is that they have agreed to an arrangement or plan that includes the current distribution protocol which necessarily distributed funds from the Visolis Transaction. If Crane LLP along with a small subset of shareholders could hold up this case this past summer and cause an extension to a Stay Of Proceedings while examining the Vinmar contracts, certainly any one or more of these significant creditors could hold up these entire proceedings for any number of reasons, in particular in the case where 4 million dollars for the Sarnia Plant valued at 140 million would be perceived as fraud.
Under the CCAA, shareholders would not be included and do not have to sign off on any arrangement with creditors in the case where it does not impact them. Therefore it would not be necessary to directly contact, report, answer questions or disseminate information to shareholders under such an arrangement, which has been PwC's position towards BioAmber shareholders this entire time.
PwC still has yet to publicly post the Discharge Certificate, which is a necessary condition in their role as Monitor.
Do Govern Yourselves Accordingly
