BioAmber says a recent Quebec court decision allows it to continue operating its Sarnia plant while it searches for an investor or buyer.
The court approved what's called "debtor-in-possession" financing.
In a news release, Chief Executive Officer Rick Eno says that allows them to continue manufacturing bio-succinic acid from corn at its Vidal St. S facility to meet growing market demand.
"In the longer term, BioAmber has a number of strategic and financial investors evaluating an investment as part of the SISP [Sales and Investor Solicitation Process]," says Eno. "We are optimistic that the closing of a transaction will provide our customers long term supply assurance from the Sarnia facility."
Montreal-based BioAmber cautions that failing to achieve its financing and restructuring goals will likely result in the company filing for bankruptcy.
BioAmber has about 60 employees in Sarnia.
Succinic acid is used to manufacture products including plastics, paints, cosmetics and food additives.
The Sarnia plant makes the building block chemical from corn rather than petroleum.
