TORONTO, ONTARIO--(Marketwire - June 5, 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 Ontario Superior Court of Justice (Commercial List) (the "Court") has granted the necessary Court approvals, including the Approval and Vesting Orders, for the transactions contemplated by the Successful Bid.
The following are the two bids that were selected by the Company as the Successful Bid at the conclusion of the auction on April 25, 2012:
- the Portion Bid submitted by QSI Partners Ltd., a subsidiary of Globe Specialty Metals, Inc. ("GSM"), in respect of substantially all of the silicon metal business and assets of Bécancour Silicon, including its 51% ownership interest in Québec Silicon Limited Partnership, for a cash purchase price of approximately $31.9 million (the "GSM Bid"); and
- the Portion Bid submitted by Grupo FerroAtlántica S.A., in respect of substantially all of the assets relating to the inactive solar grade silicon business formerly conducted by Timminco Solar, a division of Bécancour Silicon, for a cash purchase price of approximately $2.7 million (the "FerroAtlantica Bid").
As a result of such Court approvals, both bids are now expected to close, subject to satisfaction of other customary conditions, within the next couple of weeks.
Information about the CCAA proceedings is 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'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 were 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.
This news release contains "forward-looking information," as such term is defined in applicable Canadian securities legislation, concerning the Company'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 closing of the Successful Bids. 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 the Company operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. The Company cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company'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 Limited's Annual Information Form for the year ended December 31, 2010, and its most recent Management's Discussion and Analysis, each of which is available via the SEDAR website at www.sedar.com. Although the Company 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 the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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