Molycorp files voluntarily for Chapter 11 bankruptcy protection, delisting to follow
Published: Thursday, 25 June 2015
Once the darling of the rare earths world, Molycorp had little choice but to file for Chapter 11 bankruptcy protection, following continued losses, low rare earths prices and mounting debts. The company will continue to operate and hopes that a restructuring will put it on a firm and stable footing for future profitability.
US-based rare earths miner Molycorp Inc.
has filed for Chapter 11 bankruptcy protection in the courts of
the US state of Delaware, in an attempt to restructure $1.7bn
The bankruptcy filing, which was expected by most of the
rare earths industry, is part of a restructuring arrangement