BioAmber files for Chapter 11 in both US and Canada

May 7, 2018 |

In Canada, BioAmber Inc. announced that it filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code and that its two Canadian subsidiaries, BioAmber Sarnia Inc. and BioAmber Canada Inc., filed a Notice of Intention (the “NOI”) to make a proposal under the Bankruptcy and Insolvency Act (Canada), with a view to strengthening the company’s financial health and solidifying its long-term business prospects.

BioAmber believes filing these procedures is the best way to protect all stakeholders and will best facilitate its efforts to renegotiate its debt and raise the funds needed to continue its operations.  The filing of these procedures has the effect of imposing an automatic stay of proceedings that will protect the company, its Canadian subsidiaries and their assets from the claims of creditors while the company pursues its restructuring efforts.

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