On May 4, 2018 BioAmber Inc. (OTCPK: BIOA) filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code. Simultaneously, its Canadian subsidiaries, BioAmber Sarnia Inc. and BioAmber Canada Inc., commenced proceedings under the Bankruptcy and Insolvency Act (Canada).
This process will provide BioAmber with the time and stability to restructure its finances. This restructuring, combined with the significantly improved cost structure we anticipate, will position BioAmber to emerge as a much stronger company which will be better positioned to meet the growing global demand we see for our product.
–Richard Eno, Chief Executive Officer of BioAmber.
BioAmber is a Montreal-based renewable materials company. Its technology platform combines biotechnology and catalysis to convert renewable feedstock (e.g., corn syrup) into building-block chemicals used in various everyday products. These include plastics, paints, textiles, food additives, and personal care products.
The company opened its first commercial-scale plant in Sarnia in 2015. It attracted $52 million in federal and provincial funding to help it build the $140 million plant. Since then, however, BioAmber’s founding president left the company last year and it was delisted from both the New York and Toronto stock exchanges.
For more information visit www.bio-amber.com.