Molycorp turns to local bankruptcy lawyer. Corporations often have to do what many in Broward County have had to do. When the economy goes down, the help of a local bankruptcy attorney is often needed. It is often the only way to address debt that has gotten out of control. Molycorp is a rare earths mining company. Demand for the products the company mines has fallen off a cliff. The company has suffered three straight years of quarterly losses. The end of the drop off in demand seemed to have no end in sight. When debt gets too much to handle, there are few options. The Bankruptcy Code is there to help those who need it. Many in South Florida have run into this problem. From Miami to Fort Lauderdale and up to Palm Beach, many have come to one conclusion. They have grabbed a lifeline. They have consulted with a bankruptcy lawyer. The filing of a bankruptcy case has been the salvation for many. Corporations are no different. The filing of a bankruptcy case is the path to survival. After visiting with local bankruptcy attorneys, Molycorp came to the same conclusion. The survival of the company could only be accomplished by the filing of a bankruptcy case. Yesterday the company filed a Chapter 11 bankruptcy case. The filing of the case will allow the company to restructure its debt and stay in business. The company is confident the bankruptcy filing will allow the company to thrive in the future. Markets go up and they go down. The rare earths business will likely be more positive in the future. Molycorp hopes to be on firm financial footing when that happens. It hopes to exit the Chapter 11 bankruptcy case by the end of the year. Thanks to the help of bankruptcy lawyers a fresh start is within reach.
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