Molycorp committee given OK to hire legal counsel, financial adviser

By Mark Reccek

Bethlehem, Pa., Aug. 14 – Molycorp, Inc.’s official committee of unsecured creditors was granted authorization to retain Paul Hastings LLC as counsel, Ashby & Geddes PC as co-counsel and Berkeley Group LLC as financial adviser, according to orders issued Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The Paul Hastings and Berkeley hirings are retroactive to July 8 and the Ashby & Geddes hiring to July 9.

Ashby & Geddes will serve as the committee’s local counsel in connection with the Molycorp case. As previously reported, the committee said it believes that Ashby & Geddes’ retention as co-counsel and ability to appear before the court for applications, motions and other matters “will be efficient and cost-effective.”

Hourly rates for the Paul Hastings attorneys and paralegals designated to represent the committee range from $350 per hour to $1,200 per hour, and the hourly rates for principal Ashby & Geddes attorneys and paralegals designated to represent the committee range from $195 per hour to $585 per hour.

Berkeley has agreed to a 10% discount on its hourly rates, which range from $120 per hour to $895 per hour.

Molycorp is a Greenwood Village, Colo., producer of materials from rare earth minerals that filed for bankruptcy on June 25 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-11357.

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