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.