Timminco Provides Update on Marketing Process
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/29/12 -- Timminco Limited and its wholly-owned subsidiary Becancour Silicon Inc. (collectively, the "Company") provided an update today 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").
The first phase of the marketing process is complete, with the Company having received a number of non-binding Phase I Bids. The Company, in consultation with the Monitor, has determined that each of the parties that submitted Phase I Bids is a Qualified Phase I Bidder and, as such, will be entitled to continue with their due diligence investigations and negotiations with the Company during the second phase of the marketing process. Qualified Phase I Bidders have the opportunity to submit irrevocable, binding bids by no later than 10:00 a.m. Eastern Time on April 16, 2012.
The details of the marketing process and other information about the CCAA Proceedings, are available on the website of the Monitor, FTI Consulting Canada Inc., at: . Capitalized terms used herein not otherwise defined are as defined in the Bidding Procedures approved by the Ontario Superior Court of Justice (Commercial List) on March 9, 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 Quebec 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 Becancour 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 the marketing process for the sale of the Company's business and assets. 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, the factors discussed 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 . 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.
Contacts:
Timminco Limited
Douglas A. Fastuca
Chief Executive Officer
(416) 364-5171
(416) 364-3451 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 29.03.2012 - 14:35 Uhr
Sprache: Deutsch
News-ID 129970
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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