Replies to post #62111 on BioAmber Inc fka BIOAQ

[trader59]

Here's an update:

Chapter 11 was dismissed in the US so that the Canadian subsidiaries could be handled under CCAA. The bankruptcy is under Chapter 15 here now.
The restructuring/reorganization/recapitalization/refinancing/sale of the whole company failed to get a single bid. Nobody wanted it.
The company moved to liquidation, and the assets sold for $4.34M. This company is now an empty shell carrying $80M in debt.
Secured creditors only get partial recovery from the proceeds of the asset sale, the accounts receivable, and from the sale of the inventory that was on the books when the company shut down. That means unsecured creditors get nothing and shareholders get nothing.
Once the proceeds are distributed, the judge will discharge the remaining debt and the equity (shares), and this company will cease to exist.
Shareholders will lose 100% of their investment in this stock.

[Brucebannerr]

Hard to return to normal business practices when all your assets have been sold for chump change . And your entire board of directors has resigned . And all employees let go . Really no grey areas at all . There is nothing left but an empty shell .

12. The Second Sale Process led to the sale of the vast majority of the Company’s assets based on a joint
bid by Visolis Inc. and LCY Technologies Inc. (the “Visolis Transaction”). The Visolis Transaction
was an asset purchase transaction involving the vast majority of the Company’s physical assets and
intellectual property. It did not include the shares of BioAmber Inc. or any of the Company’s
subsidiaries, nor did it include the cash, accounts receivable or inventory of the Company.