Replies to post #66284 on BioAmber Inc (fka BIOAQ)

[1manband]

BIOAQ is bankrupt in the US. That is superior to CCAA.

CCAA has no jurisdiction over BIOAQ as a Delaware Corporation. And the US parent has also liquidated its assets. The company is being wound up and will be dissolved once the paltry US assets are distributed to the secured creditors.

There is nothing left for either unsecured creditors, or the common shareholders. Both are being wiped out.

The common stock is being cancelled.

[Brucebannerr]

Yes the plan was approved by the secured creditors. They are the only ones seeing a penny . Have you voted on a plan ?

Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them.