Bitcoin mining company Core Scientific announced its latest bankruptcy exit plan, which is set to take effect on January 5, 2024

2023-12-05 08:42:51

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ChainCatcher news, Bitcoin mining company Core Scientific has announced its latest bankruptcy exit plan before the hearing. If approved by the court, the third version of the plan will take effect on January 5, 2024, and the company will increase its capacity by 372 MW by 2027.

Common stockholders and holders of two types of convertible notes will receive compensation. For the notes maturing in April, holders of each $1 face value note will receive $1.628, and for the notes maturing in August, holders of each $1 face value note will receive $1.201. The corresponding funds will be distributed on January 3, 2024. If an agreement is reached with major shareholders, on January 5, 2024, Core Scientific will emerge from bankruptcy with $709 million in net debt and $791 million in equity value, and by 2025, only $46 million in debt will be due.

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