Delaware judge refuses $44m in DIP funding for Molycorp

By James Sean Dickson
Published: Monday, 29 June 2015

The US rare earths miner has been dealt another blow in by a Delaware court judge, who ruled that the company does not require $44m in emergency funding. Senior noteholders are concerned that Neo Material Technologies, a profitmaking arm of Molycorp, may be forced to support the company’s wider losses.

US-based rare earths miner Molycorp Inc. has been refused $44m in "debtor-in-­possession" (DIP) funding by judge Christopher Sontchi in the district court of Delaware, who said that the company had not justified its need for the money.

Molycorp announced its financial restructuring and Chapter 11 bankruptcy filing plans on 25...

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