Succinic acid maker BioAmber is bankrupt

BioAmber, a pioneer in the manufacture of succinic acid from renewable resources, has declared bankruptcy. “This process will provide BioAmber with the time and stability to restructure its finances,” says CEO Richard Eno. Like other producers of biobased chemicals, BioAmber has strug- gled in an environment of low energy and raw material costs for traditional chem- ical products. It had close to $12 million in succinic acid sales last year, an 81% increase over 2016, but a heavy debt load from building its plant in Sarnia, Ontario.