Molycorp Receives Approval for $22 Million in Interim Financing

Reuters reported that Molycorp Inc. (OTCMKTS:MCPIQ) has received US bankruptcy court approval for interim financing of $22 million. The company plans to use the money to support its operations.
As quoted in the market news:

At the company’s first bankruptcy hearing on June 26, the court denied the company’s loan request of $44-million.
On June 25, the only US supplier of rare earths filed for Chapter 11 bankruptcy protection along with its subsidiaries in North America, to restructure $1.7-billion of debt in its US and Canadian operations.
The court has approved the $22-million financing only on an interim basis, and has scheduled a final hearing on the debtor-in-possession financing for July 20, 2015, Molycorp said on Thursday.
Molycorp, whose shares have plunged about 97% in the past 12 months, said it now has the funds to continue operations and move forward to pay its suppliers as approved by the court.

Click here to read the full Reuters report.