All Posts from March 17, 2015

SQM CEO out, new one in – Alert

Sociedad Química y  Minera de Chile SA reports that on March 16 its board of directors met and received a letter from SQM CEO Patricio Contesse González, in which he put his position at the will of the board. After deliberating at length and considering the best interest of the company, the board said it agreed to terminate Contesse’s employment contract with SQM. The board expressed its gratitude to Contesse for his over 25 years of service and dedication to the company.

Thereafter, the board voted unanimously to designate Patricio de Solminihac Tampier as the new CEO of SQM, effective immediately.

SQM is under investigation by Chilean authorities and they are seeking documents from the company. The initial scope of the investigation is political campaign donations. In the past, the government has levied fines totaling $164 million against company executives, including Contesse. These related to stock trades.

Miss Phos auction pushed back – Alert

The U.S. Bankruptcy Court for the Southern District of Mississippi has approved a motion to push back the date of the Mississippi Phosphates Corp. auction from March to May.  As a result, bids are now due May 5, with an auction May 12 and a hearing to approve the final sale May 22.

Bids were initially due in March 17. By March 16, various creditors objected to the terms that had been assessed for unexpired leases and executory contracts. As a result, more time was needed to iron out those disagreements.