Bloomberg reported that Molycorp (OTCMKTS:MCPIQ) has gained permission to put itself up for auction in March.
Bloomberg reported on Friday that Molycorp (OTCMKTS:MCPIQ) has gained permission to put itself up for auction in March.
As quoted in the publication:
Molycorp filed for bankruptcy in June after rare earth prices dropped, making its California mine unprofitable. The company’s processing division, which sells rare earths from lower-cost mines in China, remains profitable. Rare earths are elements used in devices including magnets for electric cars and wind turbines.
After about two months in mediation with creditors, Molycorp resolved disputes over auction rules that had threatened a sale. Proceeds from an auction would go toward repaying more than $500 million that Oaktree’s seeking and more than $1.4 billion senior and junior bondholders say they’re owed.