Replies to post #133331 on BioAmber Inc fka BIOAQ

[Lifetime]

The reason they were liquidated is because they lost $300M+ and could not et anyone to lend them anymore money. Ya know, they the damn SEC filings said. How on Earth can you actually question why they were liquidated?

[dalesio_98]

You guys should seriously take a look at the Xebec Adsorption CCAA file. September 29, 2022 Xebec pulled the plug filing under creditor protection, one month after the company indicated all was well.

Far more complex than the BioAmber file with North American and overseas subsidiaries/divisions being sold off piecemeal through the SISP. It appears the Deloitte Monitor will wrap up the file over the next few days, stay extension to March 17, 2023, there were 2 DIPs along the way.

Recall, under CCAA, shareholders are not stakeholders, equity claims are last on the list and only collect once creditors are made whole.

The XEBEC Board, Monitor, financial advisors, law firms, entities acquiring subsidiaries/divisions all get releases (immunity). Sounds very familiar, n'est-ce pas.

Deloitte Monitor CCAA files that I am aware of are efficient and fast, unlike PwC CCAA files that are very long.

Deloitte - Stornoway Diamonds CCAA file, duration 4 months; Xebec CCAA file less than 6 months.

PwC - Orbite Technologies Inc. CCAA file is extended to May 2025, if completed at that date, duration just over 8 years.

Deloitte Monitor webpage

What happens if this was a preplanned event and the peoples involved did something illegal And got caught ? What happens if PWC did things they were not supposed too , the reasons that caused the liquidation are very much in question. Nobody knows all the facts especially when PWC had a person there working for them with prior knowledge of BioAmber before the liquidation. Lots of moving parts that point to impropriety . There is a lot of eyes trying to understand the $ 4.3 million . PWC made many contradictions in the process. There is a reason people are still asking questions and looking for answers .

[toncatmad]

$300 plus million in losses with $80 plus million in debt BioAmber couldn’t pay. BioAmber was burning money every single day. They were losing money hand over fist. Simply go read the financials. It’s not hard to figure out why a company with huge losses and a heavy debt load they couldn’t pay due to losing money every single day was liquidated for pennys on the dollar. Let’s not forget BioAmber didn’t really own a hell of a lot as they had loans to repay. Man people really have no clue how the real world works.
Sure go check out PWC that should change the outcome LOL