Rare earths supplier Molycorp Inc. said it has filed a joint plan to emerge from chapter 11 protection, Reuters reported yesterday. The plan, which was filed with the U.S. Bankruptcy Court for the District of Delaware yesterday, has proposed an exit of chapter 11 through a stand-alone reorganization or a sale of substantially all of its assets, the company said in a statement. The Greenwood, Colo.-based company said that it has the backing of its largest pre-petition secured creditor and its post-petition lender and investment funds managed by Oaktree Capital Management. The company filed for chapter 11 protection in June, along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations.
