Molycorp to Skip Interest Payment Amid Debt Restructuring Talks

Molycorp Inc. said it will miss a $3.36 million semi-annual interest payment due Monday as it negotiates with creditors to restructure its debt.

The company will enter into a 30-day grace period for the payment on its 3.25 percent Senior Unsecured Convertible Notes due 2016, the Greenwood Village, Colorado-based producer of rare earths said Monday in a statement.

Link to Statement:Link