Timminco Ltd. – a producer of solar-grade silicon and silicon for other industries – and its wholly owned subsidiary Becancour Silicon Inc. have received several bids to purchase their business and assets.
The bids were made in connection with the proceedings that the company began in January under a court-directed creditor arrangement. Because the company received more than one qualified bid, it plans to proceed with an auction, which is scheduled to begin this week.
More information on bidding procedures is available here.
Concurrently, Timminco has 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.