AMG associate Timminco announces financial restructuring

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Overig advies 03/01/2012 18:57
Amsterdam, 3 January 2012 --- AMG Advanced Metallurgical Group N.V., ("AMG", EURONEXT AMSTERDAM: "AMG") associate Timminco Limited ("Timminco", TSX: "TIM") announced today that Timminco and its wholly-owned subsidiary, Bécancour Silicon Inc. ("BSI" and collectively with Timminco, "Timminco BSI") had decided to seek protection from their creditors under the Companies' Creditors Arrangement Act (the "CCAA").

Accordingly, Timminco BSI today applied for and obtained an initial order from the Ontario Superior Court of Justice (Commercial Division) (the "Court") under the CCAA. It is the intention of Timminco BSI to continue its operations uninterrupted during the CCAA proceeding and to meet its obligations to employees and suppliers of goods and services provided after the filing date.

According to Timminco, reduced cash flows from its silicon metal operations combined with deterioration in the global solar market that adversely impacted the timing of a restart of commercial scale solar silicon production, resulted in Timminco requiring additional funding to continue existing operations. In view of the uncertain market dynamics and AMG's overall investment priorities, AMG decided to not commit further resources.

AMG owned 41.9% of Timminco common stock as of 30 September 2011. These shares were listed as an asset on AMG's 30 September 2011 balance sheet with a carrying value of $10.3 million. As of 30 September 2011 AMG also held a convertible note with a book value of $2.8 million and a $5.0 million account receivable due from Timminco.



About AMG
AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure and Specialty Metals and Chemicals end markets. AMG consists of two operating divisions, Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited (TSX: "TIM").

The Advanced Materials Division develops and produces specialty metals, alloys and high performance materials. AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications. Other key products include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries. Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis.

Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of AMG. Based on its secure raw material sources in Africa, Asia and Europe, Graphit Kropfmühl is a specialist in the production of silicon metal and the extraction, processing and refining of natural crystalline graphite for a wide range of energy saving industrial applications.

Timminco Limited is a publicly listed affiliate of AMG. Timminco produces silicon metal for the chemical, aluminum, electronic and solar industries. Timminco also produces solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar energy industry.

With over 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Canada, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and also has sales and customer service offices in Belgium, Russia and Japan (www.amg-nv.com).






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