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Molycorp to restructure under Chapter 11 bankruptcy

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Molycorp Inc. said Thursday it filed for Chapter 11 bankruptcy protection to restructure $1.7 billion of debt in its U.S. and Canadian operations.

The Greenwood,Colo.-based rare earths producer said in a press release it has an agreement with creditors for up to $225 million in new debtor-in-possession financing.

The bankruptcy filing includes Molycorp and its North American subsidiaries. It excludes non-operating companies in Luxembourg and Barbados, as well as Molycorp Rare Metals (Oklahoma).

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