Molycorp Judge Nixes Credit Bid Objection In Ch. 11 Sale

By Jeff Montgomery (May 15, 2017, 8:20 PM EDT) -- Saying that ample time remains for arguments between bidding and a sale, a Delaware bankruptcy judge put off a private equity challenge Monday to rules for the offer of secured creditor claims in bidding for Molycorp Minerals' California rare earth mine.

U.S. Bankruptcy Judge Christopher S. Sontchi's decision overruled an Oaktree Capital Management LP affiliate's call for reconsideration of a bid procedure change that removed a requirement for prior approval of credit bidding in the sale of the Mountain Pass mine in San Bernardino County.

Oaktree's OCM MLYCo CTB Ltd. had argued that a secured noteholder group's $650 million claim, control...

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