News Focus
News Focus
icon url

HymanMinsky

02/15/19 2:43 PM

#61394 RE: TenKay #61393

ch 15 will not be discharged until the ccaa proceedings conclude. next
icon url

CSCS

02/15/19 2:54 PM

#61400 RE: TenKay #61393

WHAT IS CHAPTER 15
Well Chapter 15 is NOT 11 or 7 or anything like it!
BioAmber initially voluntarily filed for Chapter 11 Bankruptcy at the same time as the Canadian subsidiaries filed for proceedings in Canada in May 2018.
Chapter 15 cannot be granted unless proven to the court that there is a Main foreign proceeding...
BioAmber's Chapter 11 was dismissed after the CCAA Initial Order, in June 2018.
To facilitate the orderly cross border restructuring of BioAmber the company as a whole, BioAmber was granted Chapter 15 status that recognized the CCAA as the main foreign proceedings for the sale of the US assets.
"The foreign representative is also authorized to conduct the US business of the company in the ordinary course. "

https://www.thebalance.com/what-is-chapter-15-bankruptcy-316205

/
/

/
/