feb 2016 - mitsui invests a additional $cdn 25 million or $usd 17.9 million for a extra 10% equity stake totalling 40% ownership of bioamber sarnia
aug 2017 - one month before eno is hired as ceo, the chief operations officer acting as ceo - a security agreement popped up granting mitsui bioamber sarnia's operations and ip including patents (save and except patents with Cargill) and trademarks. All if bioamber declares bankruptcy. Mitsui gave up 40% ownership in the Sarnia plant for this security agreement.
may 2018 - bioamber files for bankruptcy
- listed as a secured creditor Mitsui - $cdn 4,416,203 or $usd 5,735,328.57
July - sept 2018 - kkr proposes to acquire lcy chemical for $usd 1.56 billion, however lcy chemical was not allowed to spend over $usd 5 million until kkr closes the deal according to their acquisition agreement. The kkr-lcy deal closed jan-feb 2019 with kkr 55% lcy 45% ownership in Carlton (Luxembourg) Holdings SARL.
Quoting taipeitimes.com article titled 'LCY Chemical sheds light on takeover by KKR & Co': "In the filing, KKR said that it and the Lee family have borrowed US$870 million from banks to go with US$650 million of its own funds to carry out the deal.
KKR said that the Lee family would have to come up with another US$290 million to buy the stake in Carlton via an issuance of 200 million new shares.......
.......KKR said that the Carlton shares acquired following the takeover would not pay dividends and would have no liquidity in the next five years."
October 22, 2018 - pwc, lcy & visolis agree on $usd 4.3 million "investment" for bioamber's tangible assets.
my takeaway is;
-secured creditor mitsui put a price on their 9 month old security agreement $cdn 4.4 million or $usd 5.7 million.
-lcy "invested" $usd 4.3 million and in return gained the rights to use bioamber's tangible assets.
anybody else thinking lcy agreed with the secured creditors to use bioamber's assets as (or part of) loan leverage for either the $usd 870 million required to take their company private or $usd 290 million for 200 million shares in Carlton (Luxembourg) Holdings.
