TechFlow news — Cryptocurrency mining firm Core Scientific said Thursday it expects to emerge from bankruptcy in mid-to-late January, announcing that it has reached a principle agreement on global settlement terms with all key stakeholders.
The Austin, Texas-based company filed for bankruptcy protection last year following a sharp drop in Bitcoin prices, rising energy costs for Bitcoin mining, and unpaid debts from Celsius Network, one of its largest customers and a U.S. crypto lending firm.
“This global settlement resolves the key obstacles we anticipated facing as we exit Chapter 11 in January,” said Adam Sullivan, the company’s CEO, in a statement.
Earlier report, in June, Bitcoin miner Core Scientific submitted a Chapter 11 bankruptcy reorganization plan to a U.S. bankruptcy court.
