Molycorp files for chapter 11 bankruptcy protection
Clients Molycorp, Inc.
Jones Day represents Molycorp, Inc. and its foreign and domestic subsidiaries in connection with their bankruptcy cases. The Molycorp companies are leading global rare earth and rare metals producers with a workforce of approximately 2,500 employees in more than a dozen countries around the world. Molycorp's Mountain Pass Rare Earth Facility near San Bernardino, California is one of the world's largest and richest deposits of rare earths. The Molycorp companies have in excess of $1.6 billion in funded debt obligations. This includes approximately $900 million in secured debt owed under multiple debt facilities. Jones Day, who has served as capital markets and general corporate counsel for the Molycorp companies, has been assisting Molycorp in negotiations with its existing stakeholders in an effort to achieve a transaction that addresses its long-term liquidity issues, de-levers its balance sheet and rationalizes its capital structure.