Replies to post #94960 on BioAmber Inc fka BIOAQ

[TenKay]

GFive could petition the Court directly if they felt they were treated unfairly. Besides the secured creditors really drive the decision process since it is effectively their money...which is why they are consulted at each step of the way.

GFive had avenues available to assert their interest if PwC was being “unfair” to make sure the secured creditors understood the options open to them to maximize their return.

GFive decided...for whatever reason to not avail themselves of those.

And it confirms what is in the Monitor’s report that GFive would not change their bid so LCY/Visolis won it with a cash at closing of $4.34 million.

-End-

[Brucebannerr]

Yet G5 did not file an objection with the court .Why is that ? But if one were to read and comprehend the court filings. The bidding process was explained plainly to the court . And if one were to actually comprehend how it works . One would know it is the secured creditors who have the final say on anything and not pwc. And they approved the sale and wanted nothing to do with g5 to see if they could actually make any money . Apparently the creditors were more then happy to take a huge loss . Instead of waiting years to see another company file for bankruptcy.

After consultation with the Petitioners and the interested secured lenders, the
Monitor asked the two leading bidders to improve their cash payment at closing. One
bidder agreed to increase its cash payment at closing while the second bidder did not
change the terms of its offer.
On September 14, 2018, the monitor reported the following to the Court:
[26j
That the DIP lender and the secured lenders were regularly consulted during the second
SISP including on the evaluation of the bids submitted by the two leading bidder and the
selection of the retained bidder Visolis;
That it recommended the approval of the proposed transaction based on the bid made by
Visolis (the "Visolis Transaction");
That the Petitioners' management, the DIP lender and other two secured creditors
approved and supported the Visolis Transaction;
That the Visolis Transaction also provided a potential opportunity for the operations at the
Sarnia plant to resume;

[rbtree]

And yet, the company has been or is being totally dissolved. There is no symbol. It can't be traded. There is massive unresolved debt.

Nothing is ever coming that will change that.

Accept that it is over. Move on.

[LETSWIN2020]

CAWAAAAAA feels like the calm b4 the storm