TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) - Timminco Limited (TSX:TIM) and its wholly-owned subsidiary Bécancour Silicon Inc. (collectively, the "Company") announced that, at a motion heard on January 27, 2012, in connection with proceedings commenced by the Company under the Companies' Creditors Arrangement Act (the "CCAA Proceeding"), the Ontario Superior Court of Justice (Commercial Division) (the "Court") has granted an order extending the CCAA stay of proceedings to April 30, 2012. The extension provides additional time for the Company to conduct a thorough marketing process for the sale of the business and assets of the Company, or for the sponsorship of a plan of arrangement in respect of the Company, subject to Court approval of such process.
The Court also heard preliminary submissions from the Company in support of its request for an order approving the Company's debtor-in-possession financing of US$4.25 million (the "DIP Facility") being provided by QSI Partners Ltd. (the "DIP Lender"), as well as the super-priority ranking of the charge required by the DIP Lender. The hearing of the motions in respect of the DIP Facility was adjourned and will be completed at a hearing scheduled for February 3, 2012.
Any party having inquiries regarding the CCAA Proceeding should contact the Monitor, FTI Consulting Canada Inc. via email at: timminco@fticonsulting.com, or telephone: (416) 649-8125 or 1 (855) 244-0020 (toll free). Information about the CCAA Proceeding, including copies of all court orders and the Monitor's reports, are available at the Monitor's website http://cfcanada.fticonsulting.com/timminco.
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 Court approvals and the marketing process.
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: liquidity risk;
global economic uncertainty; credit risk; pricing and
availability of raw materials; silicon metal selling
prices; customer concentration; power supply and
electricity prices; production interruptions;
transportation disruptions; limited history with solar
grade silicon; solar grade silicon selling prices; customer
commitments for solar grade silicon; solar grade silicon
production costs; quality of solar grade silicon; producing
ingots with Timminco's solar grade silicon; protection
of intellectual property rights; expansion of solar grade
silicon production capacity; class action lawsuits; closure
of former magnesium facilities; foreign exchange;
investment in Applied Magnesium; interest rate risk;
financing for capital expenditures; environmental
liabilities; relationships with AMG; dependence upon key
executives and employees; completion and integration of
potential acquisitions, partnerships or joint ventures;
risks with foreign operations and suppliers; environmental,
health and safety laws and liabilities; intellectual
property infringement claims; new regulatory requirements;
labour disputes; and changes in tax laws.
These factors are discussed in greater detail 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.
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