BioAmber Inc (fka BIOAQ)

[toncatmad]

Still posting garbage I see. This is what happened. All of the assets including the IP was sold for a total consideration of $4.34 mil to LCYB. There was no restructuring. There was however a liquidation of all the assets, termination of all employees, resignation of the BOD and then closing the doors of BioAmber for good

Here is the post from T59

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150204158

[29] The Visolis transaction close on October 22nd 2018 with the Monitor receiving the entire proceeds from the sale namely US $4.34 mil from the end-bloc purchase of the assets of the three petitioners which necessitated that an allocation be made among the various secured lenders having security interests against said assets. Its is not necessary for the purpose hereof to discuss further this ensuing aspect of the Visolis Transaction which resulted in agreements being reached between the secured creditors with the approval of the monitor.

[71] With respect to maintaining the CCAA proceedings, the Court cannot ignore that there is no longer any need or chance of restructuring BioAmber as the three corporations no longer have any tangible assets left nor any funds available to resume their operations and production of the products needed by Vinmar, without forgetting that all of their officers and directors have resigned since August 31s, 2018 and that none of the secured and unsecured creditors have shown any interest in pursuing the proposed uncertain and
risky litigious venture.