Molycorp, Inc. moved forward with its Chapter 11 process and received Court approval for an improved debtor-in-possession (DIP) financing package provided by Oaktree Capital Management LP. The approved DIP facility of new net financing of $130 million represents significant improvement over the interim DIP approved by the Court on July 2, 2015, including additional liquidity, reduced costs, and additional time to develop a plan of reorganization that would be in the best interest of all parties.

Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process.

Molycorp is the only advanced material manufacturer in the world that both controls a world-class rare earth resource and can produce high-purity, custom engineered rare earth products to meet increasingly demanding customer specifications.