BioAmber Inc., Bioamber Canada Inc. & Bioamber Sarnia Inc.

CCAA

Page last updated: July 3, 2019

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.


For efficiency and confidentiality purposes, the Monitor cannot respond to the many questions submitted by BioAmber’s shareholders. 

Status update as of July 2, 2019 

On July 2, 2019, the Superior Court of Quebec issued a judgment in respect of the motion of the Monitor related to further distributions and the termination of the CCAA proceedings, as well as the prior motion by 9044-0199 Québec Inc. 

Among other things, the Court ordered that: 

  1. the motion of the Monitor to make certain further distributions to the Secured Claimants has been approved; 
  2. upon the filing of a discharge certificate by the Monitor, the CCAA Proceedings are terminated and the Monitor is discharged; 
  3. the motions of 9044-0199 Québec Inc. to extend the stay period and for other additional relief has been dismissed. 

We refer you to the judgment dated July 2, 2019 for further information. 

Status of the file as of June 26, 2019 

On June 26, 2019, the Superior Court of Québec resumed hearing the motion of the Monitor related to further distributions and the termination of the CCAA proceedings, as well as the prior motion by 9044-0199 Québec Inc. The Court has reserved its decision on these motions. 

The stay of proceedings against the Debtors has been extended until the Court issues its decision on the matters taken under advisement at the June 26, 2019 hearing. 

Status of file as of May 24, 2019 

On May 24, 2019, the Superior Court of Quebec issued an Order: 

  1. extending the stay of proceedings against the Debtors until June 26, 2019; and
  2.  authorizing a distribution of net proceeds from the sale of the Debtors' assets to the Debtors' secured creditors. 

A further hearing is scheduled for June 26, 2019 to consider the Monitor's motions related to further distributions and the termination of the CCAA proceedings. 

With respect to the motion by 9044-0199 Quebec Inc., the Court extended the stay of proceedings to allow the applicant to review certain Supply Contracts. 

The Order dated May 24, 2019 will be posted shortly.

Status of file as of May 21, 2019 

On May 17, 2019, the Monitor filed a motion to seek approval for final distribution of the net proceeds realized in the CCAA Procedings to the Company's secured creditors, discharging the Monitor, and terminating the CCAA Proceedings upon the Monitor filing a discharge certificate with the Court. This application will be heard on May 24, 2019. We refer you to the Twelfth Report of the Monitor for further information on this motion. 

The motion of 9044-0199 Quebec Inc. filed March 13, 2019 (as amended) will also be addressed at this hearing.

Status of file as of March 15, 2019 

On March 15, 2019, following the filing of a Motion by the Monitor on behalf of the Company, the Superior Court of Quebec issued an Order extending the stay of proceedings against the Debtors until May 24, 2019. We refer you to the Order for the extension of the Stay of proceedings dated March 15 2019 for further information.

Status of file as of March 14, 2019

On March 8, 2019, the Monitor filed a Motion to extend the stay of proceedings to May 24, 2019. This application will be heard on March 15, 2019.  We refer you to the Eleventh Report of the Monitor for further information on this motion.

On March 14, 2019, the Monitor filed a Motion to seek approval of the allocation of the proceeds of the Visolis Transaction.  This application will be heard on March 15, 2019.  We refer you to the Supplementary Report to the Eleventh Report of the Monitor for further information on this motion.

On March 11, 2019, 9044-0199 Quebec Inc. filed a motion to inter alia seek an extension of the stay of proceedings, disclosure of books and records, leave to make an application with the Delaware Court of Chancery, and reporting of the Monitor on certain questions.  This motion was amended on March 13, 2019.  A copy of the motion materials for this application is posted under "Court Motions and Orders."  The exhibits for the motion are available at this site.  This motion will not proceed on March 15, 2019, but will proceed at a date to be confirmed shortly.  The Monitor will issue a separate report prior to the hearing of this motion. 

Status of file as of January 8, 2019 

On January 4, 2019, following the filing of a Motion by the Monitor on behalf of the Company, the Superior Court of Quebec issued an Order extending the stay of proceedings against the Debtors until March 15, 2019. We refer you to the Order dated January 4, 2019 and the Ninth Report of the Monitor for further information.

Status of file as of October 29, 2018 

On October 26, 2018, following the filing of a Motion by the Monitor on behalf of the Company, the Superior Court of Quebec issued an Order extending the stay of proceedings against the Debtors until January 4, 2019. We refer you to the Order dated October 26, 2018 and the Seventh Report and Supplementary Report for more information.

Status of file as of October 22, 2018  

On October 19, 2018, the Monitor filed a Motion to extend the Stay of proceedings. This application will be heard on October 26, 2018. The report of the Monitor on this application will be filed shortly. 

Status of file as of October 10, 2018 

On October 9, 2018, the U.S. Bankruptcy Court for the District of Delaware made an order to, among other things, recognize the Canadian order approving the Visolis Transaction and authorize the sale of the U.S. Assets as defined therein. 

Status of file as of September 19, 2018 

On September 18, 2018, following the filing of Motions by the Monitor on behalf of the Company, the Superior Court of Quebec issued an Order extending the stay of proceedings against the Debtors until October 26, 2018, and an Order approving the Visolis Transaction described in the Sixth Report of the Monitor dated September 14, 2018. We refer you to the Orders dated September 18, 2018 and the Sixth Report for more information.

Status of file as of September 13, 2018 

On September 13, 2018, the Monitor filed a Motion to issue an Approval and Vesting Order for a proposed transaction for the Company's assets, and a Motion to extend the Stay of proceedings. These applications will be heard on September 18, 2018. The report of the Monitor on this application will be filed shortly.

Status of file as of August 29, 2018 

On August 28, 2018, following the filing of a Motion by the Company, the Superior Court of Quebec issued an Order extending the stay of proceedings against the Debtors until September 18, 2018. We refer you to the Order for the extension of the Stay of proceedings dated August 28, 2018 for more information.

Status of file as of August 1st, 2018 

On July 31, 2018, following the filing of a Motion by the Company, the Superior Court of Quebec issued a Third amended and restated Initial Order extending the stay of proceedings against the Debtors until August 28, 2018 and granting the Monitor extended powers, namely the control of the receipts and disbursements of the Debtors and the authorization to elaborate and execute a liquidation plan. We refer you to the Third amended and restated Initial Order dated July 31, 2018 for more information.

Status of file as of July 19, 2018 

On July 18, 2018, following the filing of a Motion by the Company, the Superior Court of Quebec issued a Second amended and restated Initial Order approving the Key Employee Retention Program. We refer you to the Second amended and restated Initial Order dated July 18, 2018 for more information.

Status of file as of July 6, 2018 

As provided in the Sale and Investor Solicitation Process (SISP), BioAmber and the Monitor are presently reviewing the Letters of Intent received from prospective purchasers and/or investors.

The milestones described in section G and section H of the Second Report of the Monitor are still accurate.  

For efficiency and confidentiality purposes, the Monitor cannot respond to the many questions submitted by BioAmber’s shareholders.

The Monitor’s website will be updated as needed, please consult it on a regular basis.

Status of file as of June 18, 2018 

On June 15, 2018, following the filing of a Motion by the Company, the Superior Court of Quebec issued an amended and restated Initial Order, extending the stay of proceedings against BioAmber Canada Inc., BioAmber Sarnia Inc., BioAmber Inc. until July 31, 2018 and approving the $3.045 million debtor-in-possession financing ("DIP"). We refer you to the ''Amended and Restated Initial Order'' dated July 15, 2018 for more details.

Status of file as of May 28, 2018 

The Debtors filed a petition for continuance of the BIA proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). The Superior Court of Québec granted the petition and issued an Initial Order pursuant to the CCAA on May 24, 2018. The Debtors are now under the protection of the CCAA and the Initial Order provides for an initial stay of all proceedings until June 22, 2018 and appoints PricewaterhouseCoopers as monitor of the business and financial affairs of the Debtors. 

We refer you to the order dated May 24, 2018 for more information.

Status of file as at May 8, 2018

Bioamber Canada Inc. et Bioamber Sarnia Inc., of the City of Montreal, Province of Quebec, had each filed with the Official Receiver a “Notice of Intention to Make a Proposal” pursuant to Subsection 50.4(1) of the Bankruptcy and Insolvency Act on the 4th day of May 2018.

Pursuant to Section 69 of the Bankruptcy and Insolvency Act, all proceedings against the corporations are stayed as of the date of filing the Notice of Intention to Make a Proposal with the Official Receiver.

 

Contact us

Natalia Chtcherbakova 

Senior Associate, Consulting & Deals, PwC Canada

Tel: 416-941-8383

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