The executive director of Bioindustrial Innovation Canada (BIC) says Sarnia-Lambton's growing biohybrid chemistry cluster will survive, with or without BioAmber.
Sandy Marshall says it's extremely disappointing BioAmber has not been successful to this point, but one company does not make a whole bioeconomy.
Montreal-based BioAmber reported Monday that it did not receive any acceptable offers from qualified bidders for its assets by the July 27 deadline.
In a news release, the company says it will now seek to obtain court approval to pursue liquidation, as well as alternative offers in order to realize the greatest value on behalf of its creditors.
Marshall says BioAmber was the flagship that made Sarnia-Lambton's bioindustry a reality, but the industry has grown considerably since then.
"Through their work and them building the plant, we've been able to make a lot of other connections around the world," says Marshall. "And we have a number of other companies that are coming into the region, which is broadening out our base."
Marshall says he hopes BioAmber is successful but it doesn't have a direct impact on the other companies involved in the local bioeconomy today.
BioAmber CEO Richard Eno says they're "clearly disappointed" that the Qualified Bidders did not place an acceptable offer for BioAmber.
"We will continue to be actively engaged with potential investors to seek an acceptable transaction and avoid the liquidation of the company's assets," says Eno.
BioAmber says, moving forward, it will solicit liquidators to bid on the acquisition and disposal of the company's assets, including the Sarnia plant. And will continue to actively engage with Qualified Bidders and other interested parties to determine if a transaction is still possible that would result in the continuation of the company's operations.
A target conclusion date of August 14 is set.
BioAmber opened its first commercial-scale plant in Sarnia in 2015, using corn syrup to make succinic acid which is a building block chemical used to make various products from cosmetics to plastics.
BioAmber filed for bankruptcy in early May.
The workforce at the Vidal St. S plant has been estimated at 60.
-With files from Lee Michaels