Rare earth producer Molycorp is moving forward with its Chapter 11 process and received court approval for an improved debtor-in-possession (DIP) financing package provided by Oaktree Capital Management.

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