May 4, 2018
BioAmber Sarnia and BioAmber Canada, the subsidiaries of BioAmber (TSX:BIOA), a Montreal, Quebec-based sustainable chemicals company, filed NOIs on May 4, while the parent company filed for US Chapter 11 bankruptcy. Given that Sarnia-Lambton's economy traditionally centres around petro-chemical and refining companies, BioAmber was a pioneer in the city's push for more economic diversification. At its plant in Sarnia, which attracted approximately $52.0MM in federal and provincial funding, the company used corn syrup to make a chemical used in products ranging from paints and plastics to cosmetics and food additives. These filings will effectively impose an automatic stay of proceedings that will protect the Canadian subsidiaries and their assets from creditor claims during restructuring. PwC is the proposal trustee.