Rare earth miner Molycorp to start bankruptcy sale of business

January 8, 2016

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Rare earths producer Molycorp reached agreements with its junior creditors on Friday that clear the way for the bankrupt company to accept bids for the company and to ask creditors to vote on a plan to exit bankruptcy.

Molycorp, the only US producer and processor of the rare earth elements that are used in cell phones and military equipment, has been battling its bondholders who have alleged it is doing the bidding of its lender, Oaktree Capital Management.