UPDATE 1-Timminco, unit file for creditor protection
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.
- With no sign of missing plane, search spreads far across land and sea |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Ukraine appeals to the West as Crimea turns to Russia |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source