The Sarnia plant opened in late 2015, and has annual production capacity of almost 35kT/year.
During the liquidation process, BioAmber will 'continue to actively engage with qualified bidders and other interested parties to determine if… a transaction that would result in the continuation of the company’s operations is still possible', officials added.
The company estimates the process will be finished by mid-August.
It will engage with its interim lender, Maynbridge Capital of Vancouver, and all other secured lenders to determine the best going-forward strategy.
'We are clearly disappointed that the qualified bidders did not place an acceptable offer for Bioamber,' CEO Richard Eno said in the release. 'Most importantly, I’d like to thank our dedicated and highly capable employees for their outstanding service to the company.'
BioAmber raised more than $150 m in stock offerings between 2013 and 2015. The company has partnerships with materials makers Lanxess and Mitsui, plastics and petrochemicals distributor Vinmar International, and agricultural giant Cargill.
In 2017, BioAmber posted sales of $14.9 m, up almost 80% on 2016. But it lost almost $102.2 m for the year, after a 2016 loss of $28.4 m.
This story first appeared in Plastics News.