BioAmber Announces Resignations of Board Members, Officers as Part of Liquidation
September 24, 2018
BioAmber Inc., a renewable materials company, announced that all of its directors and officers (including those of its subsidiaries) have resigned as part of the company’s recently initiated liquidation process. This announcement comes on the heels of a court order issued Aug. 28 that extended the stay period ordered by the court in connection with the company’s restructuring under the terms of the Companies' Creditors Arrangement Act until Sept. 18, 2018. The stay was granted in order to give BioAmber, along with its monitor PricewaterhouseCoopers (PwC), enough time to carry out their liquidation. These resignations leave PwC to oversee the process in its role as monitor under the supervision of the court.
Despite these measures, there is no guarantee that BioAmber will be successful in securing an acceptable offer in connection with its asset liquidation. If an acceptable offer is received, the liquidation of the company’s assets will almost certainly result in no residual value for non-secured creditors and equity investors.
BioAmber’s technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a variety of everyday products, including plastics, paints, textiles, food additives, and personal care products.