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Timminco extends bid deadline for buyers

Keywords: Tags  Timminco, Globe Specialty Metals, FerroAtlantica, silicon, Becancour Silicon, Dow Corning, stalking-horse bid, Suzy Waite

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 Canada’s 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, Jan. 23).

However, several other bidders remain interested in Timminco’s 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 said.

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