TheKwon, apologies for not replying sooner. I read your exchange with Bond-James-Bond and DonateLove and concur with everything they mentioned regarding consolidation of the case to Canada CCAA.
Going forward, there is no longer a need for IHUB posters to review The US Bankruptcy Court calendar https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141504956 (so I replaced it with a more relevant PlusOneCoin post). Also, I’m not sure if we need to follow PACER anymore. Do they have jurisdiction over Canadian CCAA motions and decisions? Does anyone know?
What’s relevant tonight, as been discussed already, is the formal announcement of DIP Financing and because only CAN $3M was needed (instead of CAN $10M) that shows and was confirmed by PWC in their revised cash flow forecast that shipments continue (or perhap are ahead of schedule), and collections are good. Therefore cash flow is good and lessens our reliance on DIP financing..
Here’s what’s not been discussed tonight BIOAQ had padded the amount of DIP they would need which was a strategic decision (probably by PWC) knowing and expecting Comerica Bank, the no. 1 secured creditor, whose group is owed CAN $10M, would complain to the Judge. https://www.pwc.com/ca/en/car/bioamber/assets/bioamber-007_053118.pdf That is exactly what happened in Court in May when the DIP process was originally supposed to occur. Apparently, Comerica wanted to force BIOAQ to liquidate so only secured creditors (like themselves) got paid, and everyone else (unsecured creditors and common shareholders got zilch). Comerica told the Judge in mid May, BIOAQ did not need any DIP Financing, that they were doing okay. PWC argued if they received no DIP financing, then they would have to close the Sarnia facility and liquidate. Clearly, Comerica was only thinking about themselves and did not want the CAN $10M owed to them to become subordinated to MaynBridge Canadian Capital (a Canadian domiciled company who will be providing the DIP Financing). The Judge told BIOAQ & PWC in May to update their cash flow forecast and report back to Court on 6/15 (last Thurs). The Judge as we now know cided with BIOAQ & PWC, and signed off on their reduced DIP number of CAN $3M.
(All I can say is ….GS1 emails to PWC last Thurs & Fri kept us all in the loop that DIP Financing was approved and would be funded (Thank you again to GS1 & S2focus for sharing that DD.)
Finally...if anyone does business with Comerica please consider severing ties with them. They really tried to phuck us over. If we did not have a debtor-friendly Judge in Canada, Comerica would have gotten their way and instead of rejoicing about the AMAZING DIP FINANCING PR tonight, we’d be looking at liquidation and a big haircut tomorrow morning. Thankfully, that will not be happening
If anyone has an hour or so, depends how fast you read legalese, I’ll share with you the source of my DD. Read the 6/15 court motion. https://www.pwc.com/ca/bioamber
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