NEW YORK Silicon producer
Timminco Ltd. has extended the bidding deadline for potential
buyers of its assets to April 19 from April 16.
The sale will include
substantially all the assets of Timminco subsidiary
Bécancour Silicon Inc., including its silicon metal and
solar-grade silicon assets.
Timminco filed for bankruptcy
protection in January under Canadas Companies
Creditors Arrangement Act, citing poor cash flow, weakening
demand and frozen lending (AMM, Jan. 4).
The silicon producer signed an
asset purchase agreement with QSI Partners Ltd. as purchaser
and Globe Specialty Metals Inc. as guarantor in March
(AMM, March 5). The deadline was extended with the
consent of QSI Partners as its stalking-horse bidder.
QSI Partners was granted
exclusive rights to conduct due diligence after offering the
Toronto-based silicon producer $4.25 million in
debtor-in-possession financing to finance operating costs and
other expenses during bankruptcy proceedings (AMM,
However, several other bidders
remain interested in Timmincos assets, including Dow
Corning Corp. and Spanish producer FerroAtlantica SL, among
others, sources say.
The extension will allow
interested parties to have discussions with debtors, Timminco