Molycorp’s Fourth Amended Joint Plan of Reorganization (with technical modifications) became effective, and the Company emerged from Chapter 11 protection under the name Neo Performance Materials. The U.S. Bankruptcy Court confirmed the Plan on April 8, 2016.
The reorganized business is organized along three business segments: (1) Neo Chemicals and Oxides, (2) Neo Magnequench and (3) Neo Rare Metals. Geoff Bedford, president and C.E.O., comments, “We emerge with a strong financial foundation under a new brand that speaks to our continued focus on performance and innovation. We have a commonality with the funds managed by Oaktree Capital Management, an affiliate of which is our largest shareholder, in a shared vision and commitment to our customers with the goal of long-term growth and value creation that will benefit everyone associated with our company. We are already achieving significant milestones in bringing new applications and solutions to market through collaboration with our customers, and we are now in a much stronger position to continue down this path of value creation for our stakeholders.”
Brook Hinchman, S.V.P. of Oaktree Capital Management, adds, “Today marks the completion of a restructuring that separates Neo Performance Materials as a standalone business. Neo Performance Materials is emerging with a strong balance sheet and excellent liquidity profile that, coupled with the continued leadership of the experienced management team of the Business, positions it extremely well to execute on the go-forward business plan and serve the needs of its customers.” This rare earth materials miner filed for Chapter 11 protection on June 25, 2015, listing total pre-petition assets of $2.6 billion.
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