Molycorp announced it received bankruptcy court approval for an improved debtor-in-possession (DIP) financing package of a net $130 million provided by Oaktree Capital Management. The company also said it received additional time to pursue its plan of reorganization.

The approved DIP facility of new net financing of $130 million represents significant improvement over the interim DIP approved by the Court on July 2, 2015, including additional liquidity, reduced costs, and additional time to develop a plan of reorganization that would be in the best interest of all parties.

Molycorp is being advised by the investment banking firm of Miller Buckfire and is receiving financial advice from AlixPartners. Jones Day and Young, Conaway, Stargatt & Taylor act as legal counsel to the company in this process.