WILMINGTON, Del (Reuters) - Molycorp Inc failed to get approval from a U.S. Bankruptcy judge on Friday to borrow $225 million at the rare earth producer's first bankruptcy hearing.
U.S. Bankruptcy Judge Christopher Sontchi agreed with the objection by an affiliate of Oaktree Capital Management that argued Molycorp could not justify its need for the money, which would deepen the company's insolvency.
(Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)
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