BioAmber moves forward with plan to liquidate its assets
BioAmber Inc.
August 14, 2018
BY Erin Voegele
BioAmber Inc. it has received court approval to move forward with plans to liquidate its assets, including the company’s Sarnia, Ontario-based biorefinery that produces biobased succinic acid.
On Aug. 9, BioAmber announced that following a court order issued on July 31, the company, along with its monitor, PricewaterhouseCoopers, has initiated a liquidation process pursuant to which offers will be solicited from liquidators and/or strategic buyers to proceed with the liquidation of the company’s assets or a recapitalization transaction with the goal of realizing the greatest value on behalf of the company’s creditors.
Information released by BioAmber indicates that binding offers from liquidators or strategic buyers must received by 9:00 a.m. on Aug. 21. If acceptable offers are received, BioAmber said it will seek to obtain court approval on the retained offer on Aug. 28 and close the transaction on Aug. 31.
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Potential investors are directed to contact Claudio Filippone or Christian Bourque from PWC, or BioAmber CEO Richard Eno in order to express interest or acquiring the assets or investing in the business.
On July 30, BioAmber announced it was seeking court approval to pursue liquidation of its assets as well as alternative investment offers after the company failed to receive any acceptable sales or investment bids by a July 27 deadline.
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BioAmber filed a voluntary petition for Chapter 11 bankruptcy in the U.S. on May 4. The company’s two Canadian subsidiaries, BioAmber Sarnia Inc. and BioAmber Canada Inc., made a similar filing under Canadian bankruptcy laws.
BioAmber filed for an initial public offering (IPO) in May 2013 and began construction on its Sarnia plant in September of that year. The facility began operations in October 2015.
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