Timminco Limited

Timminco Limited

March 13, 2012 09:29 ET

Timminco Announces Court Approval of Marketing Process

TORONTO, ONTARIO--(Marketwire - March 13, 2012) - Timminco Limited and its wholly-owned subsidiary Bécancour Silicon Inc. (collectively, the "Company") announced that, in connection with the proceedings commenced by the Company under the Companies' Creditors Arrangement Act on January 3, 2012 (the "CCAA Proceeding"), the Ontario Superior Court of Justice (Commercial Division) (the "Court") has approved the timeline and bidding procedures for the Company's marketing process in respect of the sale of its business and assets. The Court also approved the execution of an asset purchase agreement between the Company and QSI Partners Ltd., as purchaser, and Globe Specialty Metals, Inc., as guarantor, (the "QSI APA") regarding the sale of substantially all of the assets of Bécancour Silicon Inc., which will serve as a "stalking horse bid" in such marketing process.

During the first phase of the marketing process, which is currently under way, interested parties have an opportunity to conduct investigations of the Company's assets and to submit non-binding expressions of interest, which are due by no later than 10:00 a.m. Eastern Time on March 26, 2012. Interested parties may submit indicative bids for all or any portion of the Company's assets. In the second phase of the bidding procedures, qualified bidders will have an opportunity to submit irrevocable, binding bids by no later than 10:00 a.m. Eastern Time on April 16, 2012.

The Court also approved the postponement of any meeting of the shareholders of Timminco Limited during the CCAA Proceeding. Timminco common shares ceased trading on the Toronto Stock Exchange on January 3, 2012, and were delisted from such exchange on February 6, 2012.

The details of the marketing process and copies of the QSI APA and the bidding procedures, as well as copies of all Court orders and other information about the CCAA Proceeding, are available on the website of the Monitor, FTI Consulting Canada Inc., at: http://cfcanada.fticonsulting.com/timminco. Interested parties who wish to execute a non-disclosure agreement and access the Company's datasite are requested to contact the Monitor via email at: timminco@fticonsulting.com, or telephone: (416) 649-8125 or 1 (855) 244-0020 (toll free).

About Timminco

Timminco produces silicon metal for the chemical (silicones), aluminum and electronics/solar industries, through its 51%-owned production partnership with Dow Corning, known as Québec Silicon. Timminco is also a producer of solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar photovoltaic energy industry, through Timminco Solar, a division of its wholly owned subsidiary Bécancour Silicon.

Cautionary Notes

This news release contains "forward-looking information," as such term is defined in applicable Canadian securities legislation, concerning Timminco's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". In this news release, such information includes statements regarding the marketing process for the sale of the Company's business and assets. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets, in which Timminco operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Timminco cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Timminco's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, the factors discussed in Timminco's Annual Information Form for the year ended December 31, 2010, and in Timminco's most recent Management's Discussion and Analysis, each of which is available via the SEDAR website at www.sedar.com . Although Timminco has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release and Timminco disclaims any intention or obligation to update or revise such information, except as required by applicable law.

SEDAR Filer Profile #00000838

Contact Information

  • Timminco Limited
    Douglas A. Fastuca
    Chief Executive Officer
    (416) 364-5171
    (416) 364-3451 (FAX)
    dfastuca@timminco.com