Embattled rare-earths company Molycorp Inc. wants to keep elements of its chapter 11 plan secret, including financial projections and valuation analyses prepared by its advisers, the Wall Street Journal reported today. The request to seal information “temporarily” covers voting materials prepared for creditors entitled to cast ballots on Molycorp’s plan to emerge from bankruptcy. Molycorp filed for chapter 11 protection in June, its prospects diminished by a change in Chinese trade policy that sent rare-earths prices plunging. Rare earths are elements used in small amounts in consumer electronics. On Dec. 8, Molycorp is scheduled to ask a bankruptcy judge to approve voting materials on a chapter 11 plan that provides for a variety of possible outcomes of its restructuring. However, Molycorp says that it can’t disclose fundamental financial information until after the judge signs off on the voting materials.
