Molycorp Seeks Ch. 11 Plan Rework After Bids Fall Short

Law360, Wilmington (March 8, 2016, 10:31 PM EST) -- Bankrupt rare earth miner Molycorp Inc.’s Chapter 11 plan grew muddy as creditors and debtors feuded in Delaware Tuesday over both a fizzled asset sale and efforts to quickly revise public disclosures before a confirmation hearing on March 29.

Much of the discord centered on the fallout from scant bidding late last month for the company’s Mountain Pass Mine in California and other enterprises controlled by the company. None of the three offers received met minimums needed for partial sale or a $520.8 million threshold for sale of the entire company.

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