TIMMINCO - metallurgisches SI für Solar ( Seite 44)

APR 20, 2012
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.


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JAN 3, 2012
Timminco Announces CCAA Filing
TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - Timminco Limited ("Timminco") (TSX:TIM) announced that, after consideration of the available alternatives, its Board of Directors has determined that it is in the best interests of the stakeholders of Timminco and its wholly-owned subsidiary, Bécancour Silicon Inc. ("Bécancour Silicon" and, together with Timminco, the "Company") for the Company to commence proceedings under the Companies' Creditors Arrangement Act (the "CCAA").
The Company's liquidity position has deteriorated as a result of various factors, including reduced cash flows from silicon metal operations, solar market developments that have adversely impacted the timing of a restart of commercial scale production of Timminco Solar, restricted availability of funding under existing credit facilities, and inability to secure additional sources of financing.
Accordingly, the Company today applied for and obtained an order (the "Initial Order") from the Ontario Superior Court of Justice (Commercial Division) (the "Court") under the CCAA. The Court has granted CCAA protection for an initial period of 30 days, expiring on February 2, 2012. While under CCAA protection, creditors and others are stayed from enforcing any rights against the Company.
The Company will remain in possession and control of their current and future assets, undertaking and properties, and the proceeds thereof. The Company's operations will continue uninterrupted during the CCAA proceeding and obligations to employees and suppliers of goods and services provided after the filing date will continue to be met thereafter.
Québec Silicon Limited Partnership, which is a production partnership that produces silicon metal for Bécancour Silicon and Dow Corning, has not applied for creditor protection under CCAA and is not part of these proceedings.
Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor in the CCAA proceedings (the "Monitor").
All inquiries regarding the CCAA proceeding should be directed to the Monitor (email: Timminco@fticonsulting.com, or telephone: (416) 649-8125). Information about the Company's CCAA proceedings, including copies of all Court Orders made and the Monitor's reports, will be available on the Monitor's website, at http://cfcanada.fticonsulting.com/timminco.