Metals and Mining
Company Overview of Molycorp Minerals, LLC
Molycorp Minerals, LLC offers mining, production, and distribution services for rare earth products used in green energy, high tech, water treatment, hybrid electric vehicle, and defense applications in the United States and internationally. The company's rare earth metals include bastnasite, cerium, lanthanum, praseodymium, neodymium, europium, yttrium, and MSDS sheets. Its products also include samarium, gadolinium, dysprosium, terbium, holmium, erbium, thulium, ytterbium, and lutetium. Molycorp Minerals, LLC was formerly known as Rare Earth Acquisitions LLC. The company was founded in 1950 and is based in Greenwood Village, Colorado. Molycorp Minerals, LLC operates as a subsidiary of Moly...
5619 DTC Parkway
Greenwood Village, CO 80111
Founded in 1950
Key Executives for Molycorp Minerals, LLC
Compensation as of Fiscal Year 2016.
Molycorp Minerals, LLC Key Developments
Motion for Asset Sale Filed by Molycorp Minerals, LLC
Jan 31 17
Molycorp Minerals, LLC filed a motion in the US Bankruptcy Court for the sale of its certain assets on January 31, 2017. The debtor seeks the Court’s approval for the sale of its certain assets to Rare Earth Global Partners, the stalking horse bidder, for a purchase price of $40 million in cash pursuant to the asset purchase agreement. The buyer shall make a deposit of 5% of the purchase price on the execution of the purchase agreement. The debtor’s assets include the Mountain Pass Mine. To qualify as a qualified bidder, interested parties should submit their bids by March 17, 2017 along with a deposit of 5% of the proposed purchase price. The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on March 22, 2017. At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee of 4.5% of the purchase price in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 30, 2017.
Bidding Procedure Approved for Molycorp Minerals, LLC
Nov 18 16
The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the certain assets of Molycorp Minerals, LLC on November 18, 2016. The Court approved the sale of debtor’s certain assets by Trustee. The debtor’s assets include inventory and some surplus assets. For any sale of the surplus assets having an aggregate value less than or equal to $0.25 million or any sale of Remaining Inventory regardless of value, the Trustee may proceed without further order of this Court. For any sale of the surplus assets having an aggregate value more than $0.25 million, the Trustee will be required to take approval from the Court.
Final DIP Financing Approved for Molycorp Minerals, LLC
Sep 26 16
The US Bankruptcy Court gave an order to Molycorp Minerals, LLC to obtain DIP financing on a final basis on September 26, 2016. As per the order, the debtor has been authorized to obtain a administrative expense facility in the amount of $1.5 million and operating expense facility of $2.7 million from Ironshore Indemnity, Inc. The DIP loan shall be non-interest bearing and there shall be no commitment or other fees associated with the Facilities. The DIP facility would mature either on March 31, 2017. Lee E. Woodard and Bruce Maaas of Harris Beach, PLLC acted as advisors to the DIP lenders.
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