Kramer Levin represented the holders of a majority of senior secured notes issued by Molycorp Inc., including funds JHL Capital and QVT, in directing a successful credit bid for mineral interests underlying a domestic rare earth mineral mine held by Molycorp Minerals LLC. The mineral interests constituted a portion of the collateral that secured the senior notes as well as separate financing provided by Oaktree Capital Management. The ability of Kramer Levin’s clients to participate in the sales process as bidders was agreed to through mediation before Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York. The sales process for the mine occurred in parallel to a contested confirmation process for Molycorp Minerals’ affiliated debtors. Following additional mediation, Kramer Levin negotiated a settlement of plan issues with Molycorp Inc., Oaktree and the official committee of unsecured creditors. Kramer Levin successfully moved for Molycorp Minerals to be excluded from the confirmed plan and ultimately negotiated for the appointment of a trustee in Molycorp Minerals’ Chapter 11 case.