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Stock Market & Financial Investment News

News Breaks
December 7, 2012
09:18 EDTAVL, REE, SHZ, MCPCitic: China may stockpile Baotou rare earths to boost prices, Bloomberg says
A Citic Securities analyst said China may buy and stockpile rare earths from Inner Mongolia Baotou Steel Rare-Earth Hi-Tech, the nationís biggest producer, according to Bloomberg. The stockpiling may begin early next year, boosting second quarter prices, the note added.
News For MCP;REE;AVL;SHZ From The Last 14 Days
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June 25, 2015
13:03 EDTMCPMolycorp common stock to move to OTC trading
Molycorp announced that its common stock will be quoted on over-the-counter markets immediately under the symbol MCPIQ. The company expects to be notified by the NYSE via delisting letter over the next several days.
05:50 EDTMCPMolycorp files for Chapter 11 bankruptcy protection
Molycorp announced that it has executed a restructuring support agreement with creditors that hold over 70% of the aggregate principal amount of the company's 10% senior secured notes. The agreement provides for a financial restructuring of the company's $1.7B in debt and provides up to $225M in gross proceeds in new financing to support operations while the company completes negotiations with creditors. To facilitate its financial restructuring, Molycorp and its North American subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in U.S. Bankruptcy Court for the District of Delaware. The companyís operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the company. Molycorp has obtained commitments from a group of its 10% senior secured noteholders, led by JHL Capital Group, JMB Capital Partners and QVT Financial, for up to $225M in gross proceeds of debtor-in-possession financing, subject to court approval, which will be used to support operations during the Chapter 11 period. Approximately $40M of this amount is expected to be made available to the company immediately after an initial court hearing, with approximately another $90M available subject to court approval at a further hearing at the end of the first month of the case. The remainder is available on a delayed basis and subject to lender conditions. "Employees are working their usual schedules. Purchasing of goods and services will continue, with all purchases made after today's filings granted a special administrative priority under the law," Molycorp said. It expects to receive notice from the New York Stock Exchange that its shares will be delisted from the NYSE within nine calendar days of notification. It expects that its shares will be traded on the OTC Pink Sheets exchange.
June 23, 2015
16:05 EDTMCPMolycorp, MCP Exchangeco report postponement of FY15 annual meetings of holders
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