“The global settlement removes key hurdles to our anticipated emergence from Chapter 11 in January,” wrote Core Scientific CEO Adam Sullivan.
Core Scientific, one of the largest Bitcoin (BTC) miners in the United States, will emerge from bankruptcy proceedings next month.
According to the Dec. 21 announcement, the firm has reached an in-principal agreement with shareholders for the distribution of convertible notes and stock by mid-January 2024 and relisting on the NASDAQ exchange thereafter. Adam Sullivan, the firm’s CEO, expressed his enthusiasm for the company’s comeback, citing “a post-emergence pathway to de-lever our balance sheet and a plan for continued growth in 2024 and beyond.”
Under the agreement, Core Scientific shareholders will receive new shares exchanged at a ratio of 25:1 to provide them with $1.08 per pre-exchange share. Meanwhile, noteholders will receive $1.628 on every $1 of face value for convertible notes due in April and $1.201 per $1 face value for notes with an August due date.
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Source: https://cointelegraph.com/news/bitcoin-miner-core-scientific-exit-bankruptcy-january-2024