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Fri, Jan. 8, 2:24 PM
- Molycorp (OTCPK:MCPIQ) bondholders wins approval from a bankruptcy judge for the right to trade their debt for company assets, clearing the way for an auction in March.
- MCP also agrees to give lower-ranking creditors and secured bondholders more influence over how the auction will be run, including the right to talk directly with potential bidders.
- MCP, which filed for bankruptcy protection in June, has spent several weeks in court-ordered mediation with creditors.
Dec. 29, 2015, 8:58 AM
- Molycorp (OTCPK:MCPIQ) has laid out the financial facts that it says justifies allowing it to exit chapter 11 bankruptcy in trimmed-down form as opposed to being pushed into a liquidation.
- The rare-earths company says it would be valued at $252M at most in a liquidation scenario, far from enough to cover more than $2B in debts.
- According to the estimates, major lender Oaktree Capital would collect, at most, about half of what it is owed if Molycorp's bid to exit bankruptcy fails.
Nov. 9, 2015, 5:58 PM
- Some of Molycorp's (OTCPK:MCPIQ) bondholders and unsecured creditors are "in full revolt" against the company’s version of a turnaround, challenging its right to stay in control of its chapter 11 bankruptcy, WSJ reports.
- In court filings, lawyers for bondholders and unsecured creditors claim Molycorp has capitulated to demands from Oaktree Capital and abandoned its duty to steer the best course out of bankruptcy.
- The bondholders are asking for a Nov. 16 hearing to challenge Molycorp’s bid to hang on to exclusive control of its bankruptcy proceeding.
Nov. 4, 2015, 7:03 AM
- Molycorp (OTCPK:MCPIQ) has filed a a joint plan to emerge from bankruptcy that proposes coming out Chapter 11 through a stand-alone reorganization or a sale of substantially all its assets.
- The plan has the backing of its largest pre-petition secured creditor and its post-petition lender, investment funds managed by Oaktree Capital Management.
- "If approved, the plan would help to significantly reduce our $1.9B of debt and cut our interest expense, putting us on a more solid financial and operational footing going forward," CEO Geoff Bedford said.
- The company has already begun reaching out to prospective buyers.
Oct. 13, 2015, 4:49 PM
- Molycorp’s (OTCPK:MCPIQ) unsecured creditors ask the bankruptcy court for help in investigating Oaktree Capital (NYSE:OAK), which they say loaded up the mining company with debt in transactions the creditors may sue to challenge in court.
- Among the transactions the creditors' group wants to probe are the $260M in loans OAK extended Molycorp and an affiliate in September 2014; the committee says just $110M was immediately available while the rest was tied to conditions Molycorp never met.
- "The Oaktree transactions transferred hundreds of millions of dollars’ worth of value to Oaktree and saddled many of the Molycorp entities with insurmountable debt obligations,” the committee wrote in court papers filed yesterday.
Sep. 1, 2015, 11:48 AM
- Rare earths producers from China and Japan have approached Molycorp (OTCPK:MCPIQ) about buying some of the bankrupt miner’s non-U.S. assets, Bloomberg reports.
- The facilities are said to include plants in Asia that produce and process metals, including neodymium, which is used in making magnets for electric cars and wind turbines.
- The news comes two months after MCP's bankruptcy filing and a week after announcing the company will shut its Mountain Pass facility in California by October.
Aug. 26, 2015, 7:50 AM
- Molycorp (OTCPK:MCPIQ) says it will transition its rare earth facility in Mountain Pass, Calif., to a "care and maintenance" mode while it plans to continue serving rare earth oxide customers through its production facilities in Estonia and China.
- Rare earth pricing, which has declined dramatically over the past four years, was a key factor in the decision to suspend rare earth production at Mountain Pass, according to company officials.
Aug. 10, 2015, 5:30 PM
- Molycorp (OTCPK:MCPIQ) files to delay its 10-Q, citing the complexity of the calculations required to measure the impairment of its fixed assets.
- MCP says it expects to report a net loss of $256M for Q2 and $358M for H1, compared to losses of $84M in $170M in the respective comparable periods a year ago.
- The net losses described for the current year do not include any significant impairment charges related to the company's Mountain Pass facility and are thus subject to further revision.
Jul. 22, 2015, 8:50 PM
- Molycorp (OTCPK:MCPIQ) says it's secured a court OK for an improved debtor-in-possession finance package of $130M (net), compared with a $22M package approved July 2.
- Oaktree Capital is again providing the package, which as originally set could have run to $292M.
- The company says the new package means additional liquidity and reduced costs and gets it extra time to pursue its Chapter 11 reorganization.
Jul. 16, 2015, 2:34 PM
- Molycorp (OTCPK:MCPIQ) says the fate of its Mountain Pass, Calif., rare earths facility is still up in the air but that a complete shutdown is not an option.
- Molycorp says it is weighing a number of options for the operation, and 40-200 of 400 total jobs could be saved, depending on how much of the facility the company decides to keep running while it addresses its $1.7B debt, Dow Jones reports, citing newly filed bankruptcy court papers.
- Lenders have been eyeing MCP's profitable Neo processing business but fretting over money-losing Mountain Pass; the company says it needs both businesses for long-term profitability in a market where any shift in policy from China can reset the picture dramatically.
Jul. 2, 2015, 11:37 PM
- Molycorp (OTCPK:MCPIQ) says it received U.S. bankruptcy court approval for $22M in interim debtor-in-possession financing from Oaktree Capital to support its operations.
- The Oaktree loan eventually could run as high as $292M if it is approved in final form at a hearing scheduled for July 20.
- MCP says it now has the funds to continue its operations and to move forward on releasing funds to pay suppliers; between now and the final hearing, the Mountain Pass facility will continue to run "in an orderly and controlled way."
- Earlier: Molycorp lines up new bankruptcy loan from Oaktree
Jul. 2, 2015, 8:43 AM
- In an about-face, Molycorp (OTCPK:MCPIQ) has chosen bankruptcy financing from lender Oaktree Capital over a competing offer from secured bondholders, setting off a new round of court fights.
- Terms of the Oaktree financing require MCP to mothball its money-losing Mountain Pass, Calif., rare earths facility, and sell the money-making Neo Material Technologies operations.
- Bondholders say MCP needs to keep Neo to remain viable over the long haul, and that the Oaktree financing would end MCP’s hopes of surviving as a unified company and lead to a sale designed to hand Neo over to Oaktree.
- MCP filed for chapter 11 bankruptcy protection last week.
Jun. 26, 2015, 3:11 PM
- Molycorp (NYSE:MCP) has failed to gain approval from a U.S. bankruptcy judge to borrow $225M at the company's first bankruptcy hearing.
- The judge reportedly agreed with the objection by an affiliate of Oaktree Capital Management that argued MCP could not justify its need for the money, which would deepen the company's insolvency.
Jun. 25, 2015, 4:08 AM
- Molycorp (NYSE:MCP) has filed for Chapter 11 bankruptcy protection along with its North American subsidiaries to restructure $1.7B of debt in its U.S. and Canadian operations.
- The company has also obtained agreement for up to $225M in new debtor-in-possession financing.
- The plan marks a dramatic turn for Molycorp, which rode temporary concerns of a shortage in rare earths elements to a $6B market capitalization in 2011, but has since then faced an oversupplied market.
- Previously: Molycorp to file for bankruptcy protection (Jun. 04 2015)
Jun. 15, 2015, 10:23 AM
- Molycorp (MCP +11.9%) says it will take advantage of a 30-day grace period on a $3.36M semiannual interest payment due today related to its 3.25% senior unsecured convertible notes due 2016, its second delay of a loan payment in two weeks.
- MCP says it plans to evaluate various options for restructuring its debt load, and that the decision will not trigger any cross-default provisions in other outstanding debt before the grace period ends and should not affect current operations.
- Earlier this month, WSJ reported that MCP was planning to file for Chapter 11 bankruptcy protection.
Jun. 4, 2015, 2:10 AM
- Molycorp (NYSE:MCP) plans to file for Chapter 11 bankruptcy protection as soon as this month, after skipping a $32M bond interest payment this past Tuesday, WSJ reports.
- The plan marks a dramatic turn for Molycorp, which rode temporary concerns of a shortage in rare earths elements to a $6B market capitalization in 2011. Since then, China has relaxed restrictions on exports of rare earths, oversupplying the market.
- Previously: S&P downgrades Molycorp, considers default move occurred (Jun. 02 2015)
Molycorp is the only advanced material manufacturer in the world that both controls a world-class rare earth resource and can produce high-purity, custom engineered rare earth products to meet increasingly demanding customer specifications. With 25 locations across 10 countries, the Company... More
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