New Chapter 11 Filing – Core Scientific, Inc.
On December 21, 2022, Core Scientific Inc., one of the largest miners of Bitcoin, became the latest crypto company to file for bankruptcy. The company along with several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90341), reporting $1.4 billion in assets and $1.3 billion in liabilities. According to the first day declaration, the company expects to sign a restructuring support agreement that would equitize the company’s convertible notes in exchange for the majority ownership in the reorganized debtors. The company also expects to receive $56 million in DIP financing from an ad hoc group of noteholders.
Cole Schotz does not represent the debtors in these cases. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact debtors’ counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
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