Case Update - Re Timminco Limited

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Re Timminco Limited (2012) ONSC 506 (Ont. Commercial List) and (2012) ONSC 948 (Ont. Commercial List).

Timminco Limited and Bécancour Silicon Inc. (together the “Timminco Entities”) sought and were Granted protection under the CCAA on January 3, 2012. On January 12, 2012 the Timminco Entities brought a motion for an order, among other things:

(a) suspending the Timminco Entities’ obligations to make special payments with respect to the pension plans; and

(b) granting super priority to charges over the assets of the Timminco Entities to secure (i) the fees of the FTI Consulting Canada Inc. as monitor (the “Monitor”) and other professionals engaged by the Timminco Entities for the purpose of the CCAA proceedings (the “Administration Charge”) and (ii) an indemnity given by the Timminco Entities to their directors and officers (the “D&O Charge”).

The Order requested by the Timminco Entities was granted on January 16, 2012 by Justice Morawetz with reasons to follow. Reasons were released on February 2, 2012.

The Timmnico Entities also brought a motion seeking approval of a debtor-in-possession lending facility (the “DIP Facility”) and granting a priority charge (the “DIP Charge”) over the assets of the Timminco Entities to QSI Partners Ltd. (the “DIP Lender”). This motion was granted by Justice Morawetz with reasons released on February 9, 2012.

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Published In: Bankruptcy Updates, Civil Procedure Updates, Civil Rights Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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