Heres the last sec DOCUMENT filed by the dead company. Pretty much spells it out . Read the last paragraph a few times real slow.
Montreal, Canada, October 25, 2018. PricewaterhouseCoopers Inc., LIT, in its capacity as the court-appointed Monitor (in such capacity, the “Monitor”) of BioAmber Inc. (OTCPK: BIOAQ), BioAmber Canada Inc., and BioAmber Sarnia Inc. (collectively, the “Company”) in their proceedings under the Companies Creditors’ Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”), provides the following update on the Company’s liquidation process.
On October 22, 2018, the Company completed the sale of certain of its assets to LCY Biotechnology Inc. (previously 9384-3076 Québec Inc.). These assets comprised all of the Company’s assets, save and except for the cash, accounts receivable and inventory of the Company, and also excluded certain U.S. based office equipment. The purchaser did not seek the assignment of the Company’s contracts, which meant that certain intellectual property under license from third parties was also not transferred to the purchaser.
This transaction was approved by the Quebec Superior Court of Justice on September 18, 2018, and by the United States Bankruptcy Court for the District of Delaware on October 9, 2018.
The liquidation of the Company’s assets will result in little to no residual value for non-secured creditors, and no residual value for equity investors of the Company.
