TechFlow news — At Monday's hearing, Core Scientific's bankruptcy judge said creditors have urged the company to accelerate its exit from Chapter 11 protection, and therefore the company should shorten its restructuring timeline by "at least one month."
Core Scientific's attorneys stated the company could potentially reach a restructuring plan by September 25.
Last November, following the collapse of FTX and the sharp drop in Bitcoin prices, Core Scientific’s stock price plummeted. Although the company was once among the largest cryptocurrency mining firms and went public with a $4.3 billion valuation, by December last year—when it filed for bankruptcy—its market value had fallen to $78 million.
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