Timminco Limited and its wholly-owned subsidiary Bécancour Silicon Inc. (collectively, the "Company") provided an update 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") in the Ontario Superior Court of Justice (Commercial List) (the "Court").
The Company received a number of irrevocable and binding Phase II Bids, which were submitted yesterday in accordance with the Bidding Procedures. The Company has determined, in consultation with the Monitor, that there is more than one Qualified Phase II Bid (other than the Stalking Horse Agreement). Accordingly, the Company will proceed with the Auction, which is scheduled to commence at 10:00 am on April 24, 2012, in accordance with the Bidding Procedures.
The Company has also received notice from the Ontario Securities Commission that a temporary cease trade order has been issued, prohibiting all trading in Timminco common shares, due to the Company's failure to file certain continuous disclosure materials in connection with its 2011 annual financial statements, which have not been prepared. The Company expects that such order will become permanent following a hearing scheduled to be held on April 30, 2012.