Molycorp strikes restructuring deal with creditors

摘要

In the first quarter of 2015, Molycorp (NYSE: MCP) reported higher production volumes from its Mountain Pass rare earth facility in California, and yet posted negative cash flow from operating activities of US$73 million and a loss attributable to common shareholders of US$102 million, or US42 cents per share. On June 25, the embattled company announced that it had reached an agreement with creditors to restructure US$1.7-billion worth of debt on its balance sheet, and filed voluntary petitions under Chapter 11. The creditors hold more than 70% of the company's 10% senior secured notes.