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The Daily Bankruptcy Review (subscription required) reported that Molycorp (OTCMKTS:MCPIQ) is still planning to hand senior executives up to $2.9 million in bonuses despite filing for bankruptcy protection and putting its Mountain Pass operations on care and maintenance.
The Daily Bankruptcy Review (subscription required) reported that Molycorp (OTCMKTS:MCPIQ) is still planning to hand senior executives up to $2.9 million in bonuses despite filing for bankruptcy protection and putting its Mountain Pass operations on care and maintenance.
As quoted in the publication:
Molycorp Inc. is taking a pounding from creditors over plans to hand senior executives as much as $2.9 million in bonuses while the distressed rare-earths company shuts down production.
The United Steelworkerssays the bonus program, which would require a judge’s approval because of Molycorp’s June 25 bankruptcy filing, is “nothing more than a giveaway to insiders” as Molycorp mothballs its Mountain Pass production facility at a cost of more than 400 jobs.