Argo's largest creditor Growler Mining will take over the mining company through a debt-to-equity swap

ChainCatcher news, Argo Blockchain, a cryptocurrency mining company, will be taken over by its largest creditor Growler Mining through a "debt-for-equity" swap, with existing shareholders retaining only a minimal percentage of shares. According to the restructuring documents submitted under the UK Companies Act, Growler will convert approximately $7.5 million of secured loans into equity and inject new funds in exchange for 87.5% of Argo's equity post-restructuring. Holders of Argo's approximately $40 million unsecured bonds will collectively receive 10% of the shares, while original shareholders will retain only 2.5%. The restructuring plan is named "Project Triumph," aimed at avoiding bankruptcy and maintaining the company's listing status on Nasdaq.