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The Financial Post reported that MolyCorp (NYSE:MCP) missed a key interest payment on its senior secured debt. The company now has a 30 day grace period to make the US$32.5 million payment.
The Financial Post reported that MolyCorp (NYSE:MCP) missed a key interest payment on its senior secured debt. The company now has a 30 day grace period to make the US$32.5 million payment.
As quoted in the Post:
Colorado-based Molycorp is trying to restructure its debt, a move that could lead to major dilution for shareholders if it is successful. If no deal is reached, the miner could file for bankruptcy protection in a matter of weeks.