Rare-Earths Miner Molycorp Enters Chapter 11

06/25/15
Molycorp, the U.S.’s only rare-earths producer, is struggling to stay alive, partly because of problems at its mine and processing plant in Mountain Pass, CA. It filed for bankruptcy Thursday.
The Wall Street Journal

Rare-earths miner Molycorp Inc. filed for chapter 11 protection along with 20 subsidiaries, The Wall Street Journal reports.

Gun maker Colt Defense LLC reached a truce over financing for its bankruptcy case, averting a showdown with bondholders that criticized plans for a sale and opening up the prospect of a turnaround effort. WSJ has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Lehman Brothers Holdings Inc. says Stephen Ross’s Related Cos. and Barclays Group PLC were part of a group of swaps market players that “manipulated” the closeouts of derivatives contracts at the expense of Lehman and its creditors, DBR (sub. req.) reports.

The company behind the Local.com website filed for bankruptcy on Tuesday, saying it stumbled after a sudden drop in traffic last year. Read the DBR article in WSJ.

The Associated Press reports on an upcoming vote on a group of bills designed to help the financially struggling Atlantic City, N.J., and its casinos.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa

[more]