BioAmber Directors Resign

All the directors and officers of bankrupt Canadian biosuccinic acid producer BioAmber and its subsidiaries resigned on Aug. 31, leaving PricewaterhouseCoopers (PwC) to continue with the company’s liquidation.

On Aug 28, a Quebec court extended until Sept. 18 the creditors’ protection period under Canadian law to allow time for transactions from 11 bids for the Sarnia plant to be finalized.  The bids are said to include two from “strategic buyers.”

Production at the plant was shut down in late August, and most of the company’s 60 employees have left. The plant, which was commissioned in 2015, cost $140 million to build and made succinic acid from corn syrup.

BioAmber filed for court protection in May after if faced a liquidity crisis and was unable to raise money on public markets following its delisting from the New York and Toronto Stock Exchanges.