Montreal, Canada – BioAmber has won approval for debtor-in-possession financing that will enable the company to continue trading during a search for a buyer.
The court in Quebec has also stopped winding up petitions from creditors until 31 July 2018.
PricewaterhouseCoopers (PwC) has been appointed as a trustee by the court. Its job is to help the firm find possible buyers and advise on how to restructure the business.
Maynbridge Capital is supplying the funds.
BioAmber can call on up to CAN$2m ($1.5 m) up to 31 July. A further CAN$ 1m could also be available from Maynbridge. This can only happen if there is a letter of intent from a buyer by that date.
Rik Eno, Bioamber’s CEO, said: ‘We would like to thank our customers for their support and willingness to work with us through this process. We are pleased to be able to continue operations in Sarnia to meet growing demand.’
He added that ‘a number of strategic and financial investors are evaluating an investment’ in the company, which makes bio-succinic acid.
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