MP Systems Corp. (formerly Molycorp) Message Board

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Gold/Mining/Energy : MP Systems Corp. (formerly Molycorp)

MCP 30,550

-6.9%

Nov 5 3:00 PM EDT

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To: sense who wrote (91)	6/28/2015 10:21:03 PM
From: sense	of 111

Wow. The BK Judge REFUSES to allow them to borrow any more... even though they had suckers lined up. reuters.com "Oaktree, which had loaned the company about $250 million in September, argued Molycorp was essentially two businesses, a profitable developer and distributor known as Neo and the unprofitable Mountain Pass mining operation in California. "Oaktree's loans are guaranteed by the Neo business. It objected to the additional borrowing, arguing it was burdening the profitable business with unnecessary debt to finance the development of Mountain Pass." So, the lenders will get to walk off with the profitable business... and the shareholders get to hold the bag it came in...

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