No, most of that statement is not false, all of it is true, and all it takes to validate it is to read the monitor's reports in full rather than piece-parting them.
The company is, indeed, bankrupt. $60M in debt and had (prior to liquidation) a factory that could not make a profit. They no longer could get financing for continued operations.
The sale of the company failed. 5th monitor's report, page 4.
There is no value left with the company. It is $60M in debt, and those NOL's are now worthless since the operating assets that created them are gone. There is no company to deliver on any contracts.
There is no recapitalization transaction coming, if there were, PWC would have disclosed it to the bankruptcy judge. They haven't.
Bioamber is no more. The board of directors and all management resigned, their financial affairs are being managed by a court appointed monitor, PWC. Their reports are very clear, and their response to the shareholders' lawyer was very clear. There is no other transactions, no secret deals, no recapitalization, nothing coming to common shareholders.
They will lose 100% of their investment.
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