Taiwan's LCY Chemical Corp. has purchased many of the assets of Montreal-based BioAmber Inc. through a liquidation sale.
The purchase under the new LCY Biotechnology name included all of BioAmber's assets except for cash, accounts receivable and inventory.
Both the Quebec Superior Court of Justice on and the U.S. Bankruptcy Court in Wilmington, Del. approved the sale, with the Delaware court acting on the sale Oct. 9.
PricewaterhouseCoopers is acting as the court-appointed monitor for the biopolyol maker. However, PWC warned that there could be no money for unsecured creditors and equity investors at the end of the liquidation process. This is because secured creditors have a higher claim for any cash from the deal, according to PWC.
The Canadian company applied to the courts in August for permission to liquidate. It had been trying to find a buyer as a going concern after making losses in 2016 and 2017. Earlier this year, the business filed for Chapter 11 bankruptcy protection.
At the time, CEO Richard Eno said: "This process will provide time and stability to restructure our finances."