Bitcoin mining company Core Scientific's creditors have hired legal advisors for bankruptcy consulting

2022-11-02 14:06:41

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ChainCatcher news, according to Bloomberg citing informed sources, a group of convertible bondholders of the world's largest Bitcoin mining company, Core Scientific Inc., has hired restructuring lawyers from Paul Hastings to advise on a possible bankruptcy.

As of October 26, the company holds only 24 Bitcoins and approximately $26.6 million in cash. Core Scientific is exploring potential strategic options to raise funds, including converting existing debt into equity or additional debt, asset sales, or equity or debt financing.

ChainCatcher previously reported that Bitcoin mining company Core Scientific owes several creditors, including MassMutual, BlockFi, NYDIG, and the parent company of digital asset bank Anchorage Digital, Anchor Labs, about $1 billion, most of which began in the second half of 2021, and the majority of the debt will mature in 2025. (Bloomberg)

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