Bitcoin mining company Core Scientific may soon submit a reorganization plan

2023-05-24 11:50:22

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ChainCatcher news, the lawyers for the bankrupt Bitcoin mining company Core Scientific stated in a filing submitted to the Texas bankruptcy court on May 22 that its liquidity situation has significantly improved since filing for bankruptcy, and therefore, the company plans to submit a reorganization plan in the near future. The plan is currently being negotiated with key stakeholders, and according to the filed documents, the company is "seeking to establish as much consensus as possible" to understand how the new Core Scientific will handle its bankruptcy proceedings.

Due to more favorable market conditions, Core Scientific estimates that it will secure an additional $46 million in funding once the reorganization plan is finalized. Additionally, Core Scientific expects to recover approximately $11 million in loans from Celsius Network. (CoinDesk)

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