Timminco and its wholly-owned subsidiary Becancour Silicon have closed two transactions. The first is QSI Partners‘ acquisition of the silicon metal business and assets of Becancour Silicon, including its 51% ownership interest in Quebec Silicon Limited Partnership. The second is the sale to Grupo FerroAtlantica of the assets relating to the inactive solar grade silicon business formerly conducted by Timminco Solar, a division of Becancour Silicon.
Timminco Limited and its wholly-owned subsidiary Becancour Silicon Inc. (collectively, the “Company”) announced that they have closed the sales transactions contemplated by the Successful Bid, which was comprised of: (i) the bid submitted by QSI Partners Ltd., a subsidiary of Globe Specialty Metals, Inc. (“Globe”), for substantially all of the silicon metal business and assets of Becancour Silicon, including its 51% ownership interest in Quebec Silicon Limited Partnership (“QSLP”); and (ii) the bid submitted by Grupo FerroAtlantica S.A. (“FerroAtlantica”), for substantially all of the assets relating to the inactive solar grade silicon business formerly conducted by Timminco Solar, a division of Becancour Silicon.
The proceeds of sale are being held by FTI Consulting Canada Inc., as the Court-appointed monitor for the Company (the “Monitor”), and will be disbursed in accordance with applicable priorities and orders of the Ontario Superior Court of Justice (Commercial List) (the “Court”).
“I very much appreciate the dedication of everyone at Timminco, Becancour Silicon and QSLP that worked so diligently over the past several months to successfully complete these complicated transactions,” said Mr. Douglas A. Fastuca, Chief Executive Officer of the Company. “I’d also like to thank the teams at Globe and FerroAtlantica for their perseverance and professionalism throughout the process. Congratulations and we wish you the very best in the future.”
In addition, the Company also announced that, in connection with the proceedings commenced by the Company under the Companies’ Creditors Arrangement Act on January 3, 2012, the Court has approved a claims procedure for soliciting and adjudicating claims that may be submitted by creditors and other stakeholders against the Company. The Court also granted an order extending the CCAA stay of proceedings from June 20, 2012 to September 30, 2012.