BioAmber bids under review

Bio-Industrial Park entrance off of Vidal St. S. ( File Photo by Briana Carnegie)

There’s still hope that operations will continue at Sarnia’s BioAmber plant, after the company filed for bankruptcy in early May.

PricewaterhouseCoopers has been appointed by the courts to monitor creditor protection proceedings.

Senior Vice President Mica Arlette says there were 11 offers made for the site, including two that were listed as strategic buyers.

“Offers ranged from parties interested in assets, to parties interested in the whole operation,” said Arlette. “There were five parties who came and visited the site in person, some of the bidders were interested in expressing interest in resuming operations.”

Arlette says they’re reviewing the bids, and creditor protection proceedings have been extended to September 18 in order to pursue the liquidation process.

He expects to have a further update before the deadline.

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.

The workforce at the Vidal St. S plant, built at a cost of $140 million, has been estimated at 60.

At last report, only a handful remain with operations suspended as part of the liquidation process.