Molycorp Wants to Keep Elements of Bankruptcy Plan Secret

The Wall Street Journal reported that Molycorp (OTCMKTS:MCPIQ) is hoping to keep certain elements of its chapter 11 bankruptcy protection plan secret. The firm says its necessary to keep the information away from those who have yet to submit bids on the company.
As quoted in the publication:

The request to seal information “temporarily” covers voting materials prepared for creditors entitled to cast ballots on Molycorp’s plan to emerge from bankruptcy.
Molycorp filed for chapter 11 bankruptcy protection in June, its prospects diminished by a change in Chinese trade policy that sent rare-earths prices plunging. Rare earths are elements used in small amounts in consumer electronics.
On Dec. 8, Molycorp is scheduled to ask a bankruptcy judge to approve voting materials on a chapter 11 plan that provides for a variety of possible outcomes of its restructuring. However, Molycorp says it can’t disclose fundamental financial information until after the judge signs off on the voting materials.
The company says the secrecy is necessary to protect Molycorp’s financial information from the prying eyes of entities that have been invited to submit bids on the company. Preliminary bids are due after the hearing on the disclosure statement, a report that sets out for creditors the information they need to decide how to cast their ballots on a chapter 11 plan.

Click here for the full Wall Street Journal article.