Bondholders and unsecured creditors “in revolt” over Molycorp’s bankruptcy exit plans

By James Sean Dickson
Published: Tuesday, 10 November 2015

Molycorp’s unsecured lenders are reportedly unhappy with the company’s plans for leaving bankruptcy, which would involve either a full segmented asset sale or the wiping of much of its debt, both scenarios which the non-senior creditors claim will unduly favour Oaktree Capital.

US-based rare earths producer Molycorp Inc.’s bondholders and unsecured creditors are in "open revolt", caused by recently issued plans to exit Chapter 11 bankruptcy protection, according to a report in the Wall Street Journal.

Court filings submitted by lawyers representing the creditor groups "claimed Molycorp has capitulated to demands" from...

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