BioAmber Inc fka BIOAQ

[TheRealMrPirate]

Very articulate, it was a pleasure to read something so well written. Hats off to you.

Whilst you're correct the intent of CCAA is to help corporations restructure, that is unfortunately not how it worked out for Bioamber.
PriceWaterhouseCoopers being the court oversight, not only carries out the wishes of companies &/or creditors, they also act as bonded bankruptcy/insolvency trustees.

When our May 2018' shareholder meeting was cancelled it was because Bioamber had reached a tipping point, it could no longer stay afloat. The company had been burning through money regardless of revenues, they had never turned a profit.
They did try to restructure under CCAA at the beginning but they had already burnt their bridges for financing. Without money to keep it afloat, they turned to a sales process. Again, the SISP failed, no one wanted to take the company as a going concern & it never sold.

You're partially correct about crude prices, it affected their bottom line. If I remember correctly, anything lower than $62 for crude and bio became an unprofitable option. However, Bioamber's problems & subsequent delisting from the big board exchanges, stemmed from fudging accounting numbers, overstating value & hiding falling revenue from disclosure. It directly contributed to investors cutting off financing options completely and also what the recently completed class action was based on.

Regardless, after the failure to secure further financing, failure of the restructure and failure to sell it as a going concern, the creditors had had enough. They wanted whatever money could be recovered, the monitor was granted to power to liquidate the company.

* The company in it's current state is left with out a corporate structure, left without any assets to operate or recover revenue and has had it's charter in it's registered state revoked.*
Secured creditors remain impaired, unsecured creditors remain impaired, and shareholders....well....no need to state the obvious again.

PWC has long been discharged by the courts in this process & the process (CCAA (Canada) / Chapter 15 Bankruptcy (USA) ) has been terminated. Hence the indefinite FINRA cusip suspension for Chapter 15 Bankruptcy.

They have a summary directly addressed to shareholders & third parties here - http://www.pwc.com/ca/en/car/bioamber/assets2/bioamber-049_020819.pdf

Unfortunately, the outcome of liquidation is insolvency.