BioAmber wants to liquidate their bio-chemical plant in Sarnia
The parent company of a pioneering bio-chemistry plant in Sarnia is seeking court approval to sell the plant for disposal after a search for a new owner ended without any bidders.
BioAmber is a renewable materials company that creates a product used by other companies to build pastic products.
The company filled for bankruptcy in May.
"We will continue to be actively engaged with potential investors to seek an acceptable transaction and avoid the liquidation of the company's assets," said chief executive officer Richard Eno.
BioAmber wants "court approval to pursue liquidation as well as alternative offers in order to realize the greatest value on behalf of its creditors," according to the news release.
They said the process could take two weeks.
Not a sign of industrial issues
Despite the troubles facing BioAmber, it's not a sign of industry issues, according to the executive director of Bioindustrial Innovation Canada.
"I don't see it as a sign of the bigger picture around the renewable bio-economy," said Sandy Marshall.
"I think it is certainly a sign that if you're the early movers in this space it's very financially challenging to put these projects into place and to keep moving them forward."
He said there were about 60 people working at BioAmber at the height of production but expects that number to be lower.
Marshall said there are a number of biochemical projects that have committed to the region as it embraces a shift away from petroleum-based projects.
