It clearly states a company can bid on all or partial lots of the assets OR can bud for the recapitalization. No point in the terms does it state that companies have to bid on the assets and the recapitalization lol. It could have been a 2 step transaction if bud on the recap but nobody did. It also stated that if a company bud on a recap they could have wiped out the shares by amending the articles of incorporation in which shareholders would have got nothing just like now.
This sums it up as well as the articles attached.
29] The Visolis Transaction closed on October 22nd, 2018 with the Monitor receiving the entire proceeds from the sale namely US$4.34M11 for the en-bloc purchase of the assets of the three Petitioners which necessitated that an allocation be made among the various secured lenders having asserted security interests against said assets. It is not necessary for the purposes hereof to discuss further this ensuing aspect of the Visolls Transaction which resulted in agreements having been reached between the secured creditors with the approval of the Monitor.
Patents now owned by KKR This is a great story by Jim Algie, a farm reporter I have known for decades.
In July 2019, Quebec Superior Court Justice Michel Pinsonnault signed off on the distribution of Canadian assets belonging to an insolvent U.S.-based company called BioAmber Inc.
The assets included the patents, processing equipment and real estate of a groundbreaking, industrial plant that opened in Sarnia in 2015. The business was designed to lead the way from petrochemicals toward a new, renewable chemicals industry based partly on raw materials from agriculture.
The judge’s order in BioAmber insolvency proceedings identified a long list of creditors with outstanding claims exceeding $63 million, according to court-appointed monitors at PricewaterhouseCoopers (PwC).
The list included four federal government agencies and Ontario’s Ministry of Economic Development and Growth, part of a consortium of lenders holding roughly $40 million in company debt. BioAmber incorporated in 2008 in the U.S. state of Delaware and filed for court protection under bankruptcy rules in May 2018.
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