www.timminco.com
Timminco is a leader in the production and marketing of lightweight metals, specializing in solar grade silicon for the rapidly growing solar photovoltaic energy industry. Using its proprietary technology, Timminco processes metallurgical grade silicon into low cost solar grade silicon for use in the manufacture of solar cells. Timminco also produces silicon metal, magnesium extrusions and other specialty metals for use in a broad range of industrial applications serving the aluminum, chemical, pharmaceutical, electronics and automotive industries.
Timminco files for bankruptcy protection under CCAA
Timminco (TSE:TIM) announced Tuesday that it, along with its wholly-owned subsidiary, Becancour Silicon, has filed for bankruptcy protection under the Companies' Creditors Arrangement Act (CCAA).
Its 51 percent-owned venture partnership, Quebec Silicon LP, however, is not part of the bankruptcy filing.
Reduced cash flows and a weak solar market have impacted the restart of the company's commercial scale solar production, Timminco said. Restricted availability of funding under its existing credit facilities, as well as its inability to secure additional sources of funding have led to the company's decision to seek protection from its creditors under the CCAA.
The company also announced that it received an order from the Ontario Superior Court of Justice, under the CCAA, protecting it from creditors. Timminco will be protected under this order for 30 days, expiring on February 2, as it attempts to restructure its business.
"The Company will remain in possession and control of [our] current and future assets, undertaking and properties, and the proceeds thereof," Timminco said in a statement.
"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."
Timminco shares on the Toronto Stock Exchange were also halted today, as Canada's largest exchange decides whether the company should be delisted.
Based in Toronto, Timminco produces silicon metal from the chemical, aluminum, electronics, and solar industries. It also produces solar-grade silicon for the solar photovoltaic energy industry.
