Cryptocurrency mining company Core Scientific is expected to emerge from bankruptcy after a court confirmed its restructuring plan. presentation On Tuesday.
“The U.S. Bankruptcy Court for the Southern District of Texas has affirmed the company’s Chapter 11 reorganization plan,” Core Scientific said, adding that it plans to relist on the Nasdaq by the end of January.
Under the reorganization plan, the company’s shareholders will receive approximately 60% of Core Scientific’s new equity, and the company will pay all of its debt.
In early January, Core Scientific announced that it had closed “an oversubscribed $55 million equity offering.”
“Today’s confirmation of our plans is a defining moment in our reorganization. We are poised to emerge as a stronger company by the end of the month with a team motivated to succeed,” said Adam Sullivan, CEO of Core Scientific. name.
“As demand for Bitcoin and high-value computing continues to grow, we look forward to creating value for our shareholders while executing our growth plans, softening our balance sheet and delivering efficiencies at scale,” he added.
Core Scientific filed for bankruptcy protection in December 2022.
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Anna is a senior policy reporter at The Block. She has a background in political journalism and has covered Russian civil society for various media outlets in Moscow, including her award-winning newspaper, Novaya Gazeta. Before joining The Block, Anna spent the last five years at CoinDesk researching global cryptocurrency policy and adoption. Anna says she owns Bitcoin and gift NFTs that have sentimental value.