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Bloomberg reported that Molycorp (OTCMKTS:MCPIQ) is still pushing ahead with its restructuring plans despite a failed mediation aimed at devising a new plan.
Bloomberg reported that Molycorp (OTCMKTS:MCPIQ) is still pushing ahead with its restructuring plans despite a failed mediation aimed at devising a new plan.
As quoted in the publication:
The parties couldn’t agree to terms on how to handle a sale of assets, said the people, who asked not to be named because the talks were private. As a result, the company’s existing restructuring plan remains in effect.
Creditors of the bankrupt rare-earths miner had been engaged in negotiations over the past two weeks after some lenders accused Molycorp of running a “specious sale process” that benefited Oaktree.
Molycorp failed to attract any offers for the company ahead of its first round bidding deadline.
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