Molycorp Gets Approval for $130 Million Oaktree Financing

Molycorp (NYSE:MCP) has received court approval for an improved $130 million financing package to be provided by Oaktree Capital Management.
As quoted in the press release:

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.

Click here to read the Molycorp (NYSE:MCP) press release