Molycorp Inc., together with certain of its affiliates, reported today that its confirmed Fourth Joint Amended Plan of Reorganization became effective as of August 31, 2016. Molycorp has emerged from Chapter 11 protection. With its state-of-the-art processing and manufacturing facilities, the newly reorganized business, now known as Neo Performance [...]
Molycorp Inc. announced today that its Fourth Joint Amended Plan of Reorganization was confirmed yesterday by the U.S. Bankruptcy Court for the District of Delaware. The confirmation is one of the final steps before Molycorp will be able to emerge from Chapter 11 protection as a newly reorganized company. The confirmed Plan allows Molycorp’s [...]
Molycorp Inc. and its affiliated debtors today filed a joint plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware that proposes an emergence from Chapter 11 through either a stand-alone reorganization that would substantially de-lever its balance sheet or a sale of substantially all of its assets. The Plan represents a [...]
Molycorp Inc. announced today that it will transition its Mountain Pass Rare Earth Facility to a "care and maintenance" mode while it plans to continue serving its rare earth oxide customers via its production facilities in Estonia and China. Customers of the Company’s rare earth magnetic materials, as well as its rare earth-based water [...]
Molycorp Inc. today moved forward with its Chapter 11 process and received Court approval for an improved debtor-in-possession financing package provided by Oaktree Capital Management LP. The approved DIP facility of new net financing of $130 million represents significant improvement over the interim DIP approved by the Court on July 2, 2015 [...]
Molycorp Inc. reported today that it had received approval from the U.S. Bankruptcy Court on $22 million in interim debtor-in-possession (DIP) financing provided by an affiliate of Oaktree Capital Management. The new funds will support operations going forward for an interim period while the Company continues to negotiate with Oaktree and a group [...]
Molycorp Inc. announced today that its common stock will be quoted on over-the-counter markets immediately under the symbol MCPIQ. The Company expects to be notified by the NYSE via delisting letter over the next several days. Molycorp is the only advanced material manufacturer in the world that both controls a world-class rare earth resource and [...]
Molycorp Inc. today that it has executed a restructuring support agreement with creditors that hold over 70% of the aggregate principal amount of the Company’s 10% senior secured notes. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing [...]
Molycorp Inc. today announced that, in connection with the Company’s previously announced decision to take advantage of the 30-day grace period on semi-annual interest payments on its 10% Senior Secured Notes due 2020 and 3.25% Senior Unsecured Convertible Notes due 2016, and its ongoing efforts to restructure its debt, the Company will [...]
Molycorp Inc. announced today that it has elected to take advantage of the 30-day grace period with respect to the approximately $3.36 million semi-annual interest payment due June 15, 2015 on its 3.25% Senior Unsecured Convertible Notes due 2016, as provided for in the indenture governing the notes. This election by the Company will not trigger [...]
Molycorp Inc. announced today that it has elected to take advantage of the 30-day grace period with respect to the $32.5 million semi-annual interest payment due June 1, 2015 on its 10% Senior Secured Notes due 2020, as provided for in the indenture governing the notes. This election by the Company will not trigger any cross-default provisions in [...]
Molycorp Inc. today announced financial and operating results for the first quarter of 2015. The Company reported consolidated net revenues of $106 million, an 8% decrease over the fourth quarter of 2014. The decrease in revenues was largely driven by a shifting product mix and softened pricing for rare earths, offset in part by increased volume [...]
