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The new business name was adopted after the parent company of Molycorp Silmet, Molycorp, Inc., emerged from Chapter 11 protection and the newly reorganized business was renamed Neo Performance Materials.

"We emerge with a strong financial foundation under a new brand that speaks to our continued focus on performance and innovation. We have a commonality with the funds managed by Oaktree Capital Management, L.P., an affiliate of which is our largest shareholder, in a shared vision and commitment to our customers with the goal of long-term growth and value creation that will benefit everyone associated with our company," said Geoff Bedford, president and CEO of Neo Performance Materials.

Neo Performance Materials, which is organized along three business segments: Neo Chemicals and Oxides, Neo Magnequench, and Neo Rare Metals, is engaged in the production, processing and development of rare earth and zirconium based engineered materials; magnetic powders; and rare metals.

Molycorp sought bankruptcy protection last fall after becoming unable to service its debt of more than 1.7 bln U.S. dollars, which it attributed to a fall in global prices for its products.

On March 30, a U.S. court endorsed the company's reorganization plan under which it would become property of its largest creditor Oaktree Capital Management, a global investment manager specializing in alternative investments with 98 bln dollars in assets under management as of June 30, 2016.