Timminco Limited

Timminco Limited

April 20, 2012 18:02 ET

Timminco Confirms Auction

TORONTO, ONTARIO--(Marketwire - April 20, 2012) - Timminco Limited and its wholly-owned subsidiary Bécancour Silicon Inc. (collectively, the "Company") provided an update on the Company's marketing process in respect of the sale of its business and assets, in connection with the proceedings commenced by the Company under the Companies' Creditors Arrangement Act on January 3, 2012 (the "CCAA Proceeding") in the Ontario Superior Court of Justice (Commercial List) (the "Court").

The Company received a number of irrevocable and binding Phase II Bids, which were submitted yesterday in accordance with the Bidding Procedures. The Company has determined, in consultation with the Monitor, that there is more than one Qualified Phase II Bid (other than the Stalking Horse Agreement). Accordingly, the Company will proceed with the Auction, which is scheduled to commence at 10:00 am on April 24, 2012, in accordance with the Bidding Procedures.

The Bidding Procedures, as well as details of the marketing process and other information about the CCAA Proceedings are available on the Monitor's website, at: http://cfcanada.fticonsulting.com/timminco. Capitalized terms used herein not otherwise defined are as defined in the Bidding Procedures approved by the Court on March 9, 2012.

The Company has also received notice from the Ontario Securities Commission that a temporary cease trade order has been issued, prohibiting all trading in Timminco common shares, due to the Company's failure to file certain continuous disclosure materials in connection with its 2011 annual financial statements, which have not been prepared. The Company expects that such order will become permanent following a hearing scheduled to be held on April 30, 2012.

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.

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Contact Information

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