BioAmber was bankrupt and bleeding money while operating. Continuing operations meant additional losses. Remember that filing for any sort of bankruptcy (and even CCAA) provides protection from creditors in taking actions to collect the debts. They liquidated when it became crystal clear to both the company and the creditors that the current state of financial affairs would not improve with continued operations. Had the secured creditors (in particular) seen a way to restructure/refinance/et al and get more of their money back, they'd have driven the court and monitor towards that option.
But they didn't.
A complete accounting of the cash flows of the proceedings was provided by the monitor in their 12th report on page 19, and, no, they didn't collect anywhere near $40M in A/R.
News 
Market Data 
Discover 
