The Ontario Superior Court of Justice has finally put Timminco and its wholly-owned subsidiary Bécancour Silicon out of its misery, granting the necessary approvals to officially complete the sale of the company. As reported by PV-Tech in April, the winning bids came from QSI Partners and Grupo FerroAtlántica.
The bid submitted by QSI Partners, a subsidiary of Globe Specialty Metals, acquired all of the silicon metal business and assets of Bécancour Silicon, including its 51% ownership interest in Québec Silicon, for a cash purchase price of approximately US$31.9 million.
Grupo FerroAtlántica procured all of the assets relating to the inactive solar grade silicon business formerly conducted by Timminco Solar for a cash purchase price of approximately US$2.7 million.
Both bids now expected to close in the next couple of weeks.