Cryptocurrency mining company Core Scientific expects to emerge from bankruptcy in January next year

ChainCatcher news, the cryptocurrency mining company Core Scientific announced on Thursday that it expects to emerge from bankruptcy in mid to late January. The Austin, Texas-based company filed for bankruptcy protection last year due to the plummeting price of Bitcoin, rising energy costs for Bitcoin mining, and unpaid debts from Celsius Network, one of its largest clients.

Core Scientific stated that it has reached a principle agreement with all key stakeholders on global settlement terms. The company's CEO Adam Sullivan said in a statement, "This global settlement addresses the key obstacles we anticipated in exiting Chapter 11 bankruptcy in January." The high-profile collapse last year led to turmoil in the cryptocurrency token market, with Core Scientific being one of the victims.