Timminco Limited

Timminco Limited

April 30, 2012 09:51 ET

Timminco Announces Further Extension of CCAA Stay Period

TORONTO, ONTARIO--(Marketwire - April 30, 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 List) (the "Court") has granted an order extending the CCAA stay of proceedings from April 30, 2012 to June 20, 2012.

The extension, of approximately eight weeks, provides additional time for the Company and the successful bidders of the Company's assets and business, including the transactions announced by the Company on April 26, 2012, to address the applicable closing conditions, including Court approval of such transactions.

Information about the CCAA Proceeding is available on the Monitor's website, at: http://cfcanada.fticonsulting.com/timminco.

About Timminco

The Company's silicon metal operations are carried on through Bécancour Silicon, a wholly- owned subsidiary of Timminco. Bécancour Silicon purchases silicon metal from Québec Silicon, of which Bécancour Silicon owns 51%, for resale to customers in the chemical (silicones), aluminum and electronics/solar industries. The Company's solar grade silicon operations are carried on through Timminco Solar, a division of Bécancour Silicon. Prior to ceasing active production, Timminco Solar produced solar grade silicon, using its proprietary technology for purifying silicon metal, for customers in the solar photovoltaic energy industry.

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Contact Information

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