Molycorp.Inc. (fka MCPIQ)

[juan from Madrid]

Godd news received regulatory approval from the Ministry of Commerce of the Government of China,



Molycorp filed with the U.S. Bankruptcy Court a notice of (i) extension of D.I.P. facility maturity date and (ii) certain matters relating to the effective date of the Company’s Fourth Amended Joint Plan of Reorganization.

The notice states, “As part of the Plan Modification Order, Oaktree agreed to extend the maturity date under the DIP Facility (the ‘DIP Maturity Date’) to August 1, 2016, and the Creditors’ Committee and the Ad Hoc 10% Noteholders were provided the right in paragraph 3 of the Confirmation Order to seek ‘appropriate relief’ from the Bankruptcy Court if the Effective Date of the Plan did not occur by August 1, 2016. On July 22, 2016, the Debtors received regulatory approval from the Ministry of Commerce of the Government of China, and the Debtors are now actively working to emerge from bankruptcy pursuant to the Plan in the most efficient and organized manner possible. To facilitate that process, (i) Oaktree has agreed to extend the DIP Maturity Date from August 1, 2016 to August 15, 2016 and (ii) the Creditors’ Committee and the Ad Hoc 10% Noteholders have confirmed that they do not have an objection to a possible emergence on August 15, 2016 notwithstanding their rights under paragraph 3 of the Confirmation Order.”

http://bankruptcompanynews.com/molycorp-bankruptcy-8-2-16/