LCY Chemical purchases BioAmber assets,Sarnia biorefinery

摘要

LCY Biotechnology Inc.,a division of Taiwan-based LCY Chemical Corp.,has purchased the assets of BioAmber Inc.,a bankrupt renewable chemicals company that built a biobased succinic acid plant in Sarnia,Ontario.On Oct.25,PWC issued a press release in its capacity as the court-appointed monitor for BioAmber announcing that the company completed the sale of certain of its assets to LCY Biotechnology as of Oct.22.”These assets comprised all of the company's assets,save and except for the cash,accounts receivable and inventory of the company,and also excluded certain U.S.based office equipment,”said PWC in the release.”The purchaser did not seek the assignment of the company's contracts,which meant that certain intellectual property under license from third parties was also not transferred to the purchaser.”The transaction was approved by the Quebec Superior Court of Justice on Sept.18 and by the U.S.Bankruptcy Court for the District of Delaware on August.9.PWC said the liquidation of BioAmber's assets will result in little to no residual value for non-secured creditors and no residual value for equity investors.