Montreal, Canada – BioAmber has filed for chapter 11 bankruptcy protection in the US and has filed a Notice of Intention to take protection under Canada’s Bankruptcy and Insolvency Act.
The filings automatically halt court proceedings by creditors to recover debits that they are owed by the company.
Richard Eno, Chief Executive Officer said: ‘This process will provide time and stability to restructure our finances.’
The company could close and sell its assets if it is unsuccessful.
BioAmber saw its sales rise in 2017 but its loss of $28m in 2016 turned into a loss of $102m in 2017. The company makes biosuccinic acid which can be used in polyurethane production.