BioAmber back from the brink?

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

It appears Sarnia’s BioAmber plant will resume operations under new ownership.

A Montreal court issued an order this week approving the sale of the Vidal Street South plant to a new company being formed by California-based Visolis Inc., and LCY Chemical Corp. of Taiwan.

Reports indicate Visolis plans to produce succinic acid and other higher value products at the Sarnia site.

Sarnia-Lambton Economic Partnership Chair Alex Palimaka said they’re very familiar with the new buyer.

“It’s a company that the Sarnia-Lambton Economic Partnership had already been working with for a year,” said Palimaka. “So, we know they’re interested in the community of Sarnia-Lambton, they know what we have to offer. Now they’re going to use this opportunity to perhaps be a springboard for investment, not only in bio-succinic acid, but in other technologies that they’ve already been looking at.”

PricewaterhouseCoopers, the court-appointed creditor protection monitor, had 11 bids they were considering.

It is not known how many jobs the new joint venture will create.

When BioAmber halted production during a court-ordered liquidation of assets earlier this year, there were about 60 workers at the Sarnia plant.