On April 2, 2003, Toronto-headquartered Timminco Limited completed its financial restructuring which involved a two step process whereby Becancour L.P., an affiliate of Safeguard International Fund L.P., invested $11 million by way of a subscription for six million common shares from treasury and agreed to make a public takeover bid for an additional four million common shares, and Timminco completed the renegotiation of its credit facility with The Bank of Nova Scotia, which provides revolving lines of credit of $5 million and US$5 million and non revolving credit aggregating US$13.5 million. In connection with the restructuring, Timmins Investments Limited, Timminco’s largest shareholder, also entered into agreements with Timminco, Safeguard and Becancour.
Timminco was represented by Christopher Hoffmann, Linda Pieterson, Sean Sorensen and Tara Rosenblatt of McCarthy Tétrault LLP. Timmins Investments was represented by Christopher Portner and Rick Fullerton of Osler, Hoskin & Harcourt LLP. Becancour and Safeguard were represented by John Turner and Aaron Atkinson of Fasken Martineau DuMoulin LLP. James Mathers and Stephen Redican of Borden Ladner Gervais LLP represented The Bank of Nova Scotia.
Timminco was represented by Christopher Hoffmann, Linda Pieterson, Sean Sorensen and Tara Rosenblatt of McCarthy Tétrault LLP. Timmins Investments was represented by Christopher Portner and Rick Fullerton of Osler, Hoskin & Harcourt LLP. Becancour and Safeguard were represented by John Turner and Aaron Atkinson of Fasken Martineau DuMoulin LLP. James Mathers and Stephen Redican of Borden Ladner Gervais LLP represented The Bank of Nova Scotia.
