![FILE-- The Molycorp Minerals rare earth mine in Mountain Pass, Calif., Jan. 19 2010. ]](/wp-content/uploads/2016/04/20150722__RARE_earth_MINING-3p1.jpg?w=525 "20150722__RARE_earth_MINING-3~p1.jpg")
A U.S. bankruptcy court has OK’d a plan that gives Molycorp Inc. enough cash to see it through chapter 11 bankruptcy reorganization.
Oaktree Capital Management will provide $130 million in a debtor-in-possession financing deal.
The Greenwood Village miner said the deal cuts financing costs and gives it additional time to develop a plan to emerge from bankruptcy.
Molycorp filed for , dragged down by problems at its Mountain Pass rare earths mine and mill and a price drop in the minerals needed for making cellphones, magnets and wind turbines. , it said it was wrestling with $1.7 billion in debt.
The financing deal OK’d in Delaware on Wednesday emerged after the company agreed to a loan from secured bondholders. The company then switched and decided to accept financing from its senior lender, affiliates of Oaktree Capital Group.
