Getting your player ready...
Molycorp Inc. won bankruptcy court approval of a short-term loan it needs to keep operating while it reorganizes and decides whether to close its only mine.
The $22 million loan from affiliates of Oaktree Capital Management would give the Greenwood Village-based producer of rare earth minerals enough money to prepare to shut down its Mountain Pass mine in California and arrange a bigger, longer-term loan it can use to operate while in bankruptcy.
U.S. Bankruptcy Judge Christopher Sontchi said Thursday at a hearing in Wilmington, Del., that he will approve the Oaktree loan after the parties work out final details. Sontchi also said he wants Molycorp to answer some technicial questions before he signs the loan order.
