UPDATE 1-Timminco, unit file for creditor protection

Tue Jan 3, 2012 5:48pm GMT
 

Jan 3 (Reuters) - Canadian silicon producer Timminco Ltd filed for protection from creditors, after it failed to secure funding and a slump in the market hit the restart of the company's commercial solar-grade silicon production.

The Ontario Superior Court of Justice (Commercial Division) gave an order under the Companies' Creditors Arrangement Act, granting the company protection till Feb. 2, Timminco said in a statement.

Becancour Silicon Inc, a unit of Timminco also filed for protection. However, Quebec Silicon Ltd Partnership -- a joint venture between Becancour and Dow Corning -- has not applied for creditor protection.

Shares of Timminco, which were halted as of 12:30 ET, were trading at 15 Canadian cents on the Toronto Stock Exchange on Tuesday. The shares have collapsed nearly 90 percent from a year ago.

 
Powered by Reuters AlertNet. AlertNet provides news, images and insight from the world's disasters and conflicts and is brought to you by Reuters Foundation.