Timminco Limited (TIM.TO) Monday revealed that at a recently heard motion pertaining to its proceedings under the Companies' Creditors Arrangement Act, the Ontario Superior Court of Justice has granted an order extending the CCAA stay of proceedings to April 30, 2012.
The extension gives more time for the company to conduct a marketing process for the sale of the business and its assets, or for the sponsorship of a plan of arrangement, subject to Court approval.
The Court also heard preliminary submissions from the company in support of its request for an order approving the debtor-in-possession financing of US$4.25 million being provided by QSI Partners Ltd, as well as the super-priority ranking of the charge required by the DIP Lender.
The hearing of the motions in respect of the DIP Facility was adjourned and will be completed at a hearing scheduled for February 3, 2012.
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