Molycorp, Inc. has moved forward with its Chapter 11 process and received Court approval for an improved debtor-in-possession (DIP) 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, including additional liquidity, reduced costs, and additional time to develop a plan of reorganization that would be in the best interest of all parties.
Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process.
For additional information about Molycorp, please visit www.molycorp.com. For information regarding the Chapter 11 case, please visit http://cases.primeclerk.com/molycorp.