Company Overview of Neo Material Technologies Inc.
Neo Material Technologies Inc. offers production, processing, and development of neodymium-iron-boron magnetic powders (neo powders), rare earths, rare metals, and zirconium based engineered materials. The company operates through two divisions, Magnequench and Performance Materials. The Magnequench division produces neo powders that are used to produce bonded neo permanent magnets. Its neo powders are used in micro motors, precision motors, sensors, and other applications. The Performance Materials division manufactures oxides and salts of rare earth elements, which include cerium, lanthanum, neodymium, yttrium and yttrium-europium co-precipitates, dysprosium, and terbium. It also produces ...
Standard Life Centre
121 King Street West
Toronto, ON M5H 3T9
Founded in 1986
Key Executives for Neo Material Technologies Inc.
Executive Vice President of Magnequench Division
Senior Vice President and General Manager of Rare Earth & Zirconium, Performance Materials Division
Compensation as of Fiscal Year 2015.
Neo Material Technologies Inc. Key Developments
Bidding Procedure Approved for Molycorp, Inc.
Jan 14 16
The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Molycorp, Inc. on January 14, 2016. The Court approved the sale of substantially all its assets to the highest bidder. The deadline to file qualified bids is set for February 26, 2016. Qualified bids should accompany with good-faith deposit of 10% of the cash purchase price. Each qualified bidder must make a good faith deposit of 10% of the purchase price. Auction will be held on March 4, 2016. At the auction, minimum overbid shall be of $2 million. For bids for substantially all of the assets of debtor and each of its affiliates, the minimum overbid shall be $2 million; for bids for substantially all of the Downstream Businesses, the minimum overbid shall be $2 million; for bids for MM&A, C&O or RM, the minimum overbid shall be $0.5 million; and for bids for any part of the Molycorp minerals assets, the minimum overbid shall be $0.25 million. Stalking-horse bidder will be entitled to the bid protection in the form of break-up fee of 3% of cash consideration and expense reimbursement of up to $0.50 million. The sale hearing is scheduled for March 28, 2016 and could continue on March 29 and April 1, 2016 if necessary.
Second Amended Reorganization Plan & Related Disclosure Statement Filed by Molycorp, Inc.
Jan 14 16
Molycorp, Inc. filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on January 14, 2016. As per the plan filed, DIP Facility Claims of $142.47 million will be paid in full in cash and Oaktree Prepetition Claims of $385.94 million will have a recovery of 81.5%, amounting to $314.54 million in cash. There are no other changes to the treatment of claims. Molycorp, Inc. filed revised second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on January 20, 2016. As per the plan filed, there are no other changes in the treatment of claims.
Third Revised Bidding Procedures Deadlines Filed by Molycorp, Inc.
Jan 14 16
Molycorp, Inc. filed third revised bidding procedures to amend deadlines for the sale of substantially all assets on January 14, 2016. As per the amended deadlines, sale hearing will be held on March 28, 2016 and continue if necessary on March 29, 30 and April 30, 2016.
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