They also had the opportunity to object to the sale of the assets, but they didn't. Unlike the equity holders, they understand the bankruptcy process...
The Nexant appraisal valued the Sarnia plant in a "distressed scenario" for over $20 million USD, the scrap metal value alone far exceeded $4 million. The fact the creditors did not object is very telling, and not because of some psychological state of understanding bankruptcy as you would have people believe (which BioAmber was not in the status of bankrupt under the BIA, it was the CCAA process). There is no reason for a creditor to even show up in court under such a scenario, and would be better off saving the attorney's fees.
Taking possession of their collateral would have ultimately cost them more money.
Taking control of their assets would be the reasonable thing to do! Burn it to the ground for scrap metal and sell the land. They would have walked away in far better shape.
It's almost as if the creditors wanted the Sarnia plant to remain in operation. Why, pray tell, would a creditor be interested or care if the plant remained in operation? PwC referred to it as a sale of operations and to the $4.3 million as "upfront".
In any case, this has all been poured over a hundred times. You'll have to take it up with PwC or your broker if those seeming inconsistencies with a "bankruptcy" or "liquidation" narrative bothers you. Or reach out to Marc Duchesne, but then again he himself said it was the restructuring of BioAmber.
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