Molycorp Stock Plummet as it Defaults on Interest Payment

Shares in Molycorp (NYSE:MCP) plummeted as a result of the company’s announcement that it missed a US$32.5 million interest payment on its senior secured notes.

As quoted in the market news,

Molycorp, a speculators’ favourite and highly volatile share which regularly featured among the NYSE top traded stocks, was changing hands at 0.46, or 13% lower than Friday in mid-morning trading.

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