фото показано с : invezz.com

Bitcoin miner Core Scientific has filed its Chapter 11 bankruptcy plan six months after it filed for Chapter 11 bankruptcy in December 2022.

The firm filed for the Chapter 11 plan in the Southern District of Texas Houston Division Bankruptcy Court. According to the filing, the firm is “seeking to build as much consensus as possible” about how a new Core Scientific would appear after emerging from its bankruptcy proceedings. The firm has said that it sought the advice of stakeholders before filing for the bankruptcy plan.

A Chapter 11 bankruptcy plan is a formal document that outlines how a company intends to reorganize itself and repay its creditors. Core Scientific claims that since filling its Chapter 11 plan, its liquidity has increased.

The BTC miner is now concentrating on revising its business strategy in order to successfully exit bankruptcy.

The company credits the rising Bitcoin prices, a faster network hash rate, and lower energy costs for its improved financial performance.

The bankruptcy plan stated that holders of permitted debtor-in-possession (DIP) claims would receive complete and final satisfaction of their claims on the bankruptcy plan’s effective date. The holders will either receive agreed-upon alternative treatment or full payment in cash.

The company’s assets will, however, no longer be subject to any liens that were created to secure the DIP claims.

The bankruptcy court had given Core Scientific permission to borrow up to $70 million from investment bank B. Riley, one of the company’s largest creditors. The loan would be used to repay the debtor-in-possession financing loan that was previously obtained by the bankrupt Bitcoin miner from B. Riley.

The post BTC mining firm Core Scientific files for Chapter 11 plan appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

68 +