The final reorganization plan of Bitcoin mining company Compute North has been approved by the judge
ChainCatcher news, U.S. Bankruptcy Judge Marvin Isgur of the Southern District of Texas has approved the final reorganization plan for the Bitcoin mining company Compute North. The plan approves the final list and classification of creditor claims and establishes a litigation trust fund to continue seeking funding from ongoing cases. This will, in turn, determine how Compute North's remaining assets will be distributed among the remaining claimants. Under the plan, the remaining unsecured creditors will retain ownership of the remaining assets, such as transformers and containers, and payments will be made among the claimants. A litigation trust fund will be established to conclude ongoing legal proceedings.Compute North's attorneys stated at Thursday's hearing that the mining company has completed 13 asset sales, four of which are significant asset sales that have "satisfied" its $250 million in secured debt. Compute North has settled debts with multiple companies to allow them to participate in the plan and avoid future litigation. This includes industry giant Marathon Digital Holdings, which agreed on February 9 to accept a $40 million general unsecured claim in exchange for accepting the plan. An additional 11 companies reached settlements with Compute North over relatively smaller claims to ensure the plan's passage. (source link)
