Molycorp receives new financing approval
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GREENWOOD VILLAGE, Colo. – Rare earth products producer Molycorp, Inc. said Wednesday it received court approval for new financing of $130 million as it moved forward with its Chapter 11 bankruptcy proceedings.
The company said in a news release the financing approval of debtor in possession financing “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 the only global, vertically integrated producer of rare earth products used in many electronic, transportation, industrial and clean energy applications.