trending Market Intelligence /marketintelligence/en/news-insights/trending/95HqapQ0Y72snKJEFZ9Ewg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Bankrupt Molycorp's reorganization delayed due to too many new owners

Industry Top Trends 2021: Metals and Mining

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020


Bankrupt Molycorp's reorganization delayed due to too many new owners

The final order approving the reorganization of bankrupt is being deferred asmajor creditor Oaktree Management may have too many partners in the deal, BloombergNews reported April 6.

Following reorganization,Oaktree will own 92.5% of the rare earths miner. Junior creditors, which numberaround 3,000, will own the remainder of the firm, which may force the new Molycorpto register as a public company, the report cited Oaktree attorney Andrew Leblancas saying.

Even after the order is signed, the company may need six monthsto secure all regulatory approvals needed to exit bankruptcy.

Molycorp filedfor bankruptcy in June 2015 with around US$1.7 billion in debt. U.S. BankruptcyJudge Christopher Sontchi has said that he would approve the reorganization in exchangefor elimination of the debt.