Montreal-based sustainable chemicals maker BioAmber plans to liquidate
BioAmber filed for bankruptcy in early May, and has been unable to find a buyer for its assets since then.
Montreal-based sustainable chemical supplier BioAmber Inc., which has been looking for a buyer for its assets since it filed for bankruptcy in early May, has not received any acceptable offers from qualified bidders by the July 27 deadline.
In a news release, the company says it will now seek to obtain court approval to pursue liquidation, as well as alternative offers in order to realize “the greatest value on behalf of its creditors.”
“Moving forward, subject to the approval of the court and with support from its monitor or receiver appointed by the court, [we] intend to solicit liquidators to bid on the acquisition and disposal of the company’s assets; and continue to actively engage with qualified bidders and other interested parties to determine if, and under what terms, a transaction that would result in the continuation of the company’s operations is still possible,” the company said.
The company estimates the process will be finished by Aug. 14.
BioAmber was founded in 2008, as the result of a joint venture between ARD (Agro-Industrie Recherches et Développements) – which is the R&D centre of the French Champagne-Ardenne and Lorraine agro-businesses – and DNP Green Technology, a New York City-based renewable technology provider.
BioAmber opened its first commercial-scale plant in Sarnia, Ont. in 2015, using corn syrup to make succinic acid, which is a building block chemical used to make various products from cosmetics to plastics.