On Monday, Reuters reported that Molycorp’s (OTCMKTS:MCPIQ) plan to exit bankruptcy has been accused of being a “sham bidding process,” weighted in favour of its senior lender Oaktree Capital Management.
As quoted in the publication:
Molycorp’s official committee of unsecured creditors in redacted court papers filed on Wednesday said the company’s disclosure statement and plan were not proposed in good faith and were linked to “a sham bidding process.”
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