TechFlow news — According to CNBC, bitcoin mining firm Core Scientific has completed its restructuring process and will relist on the Nasdaq, resuming trading on January 24th Beijing time.
The company stated in a release that the restructuring plan, announced Tuesday, eliminated $400 million in debt from its balance sheet by converting debt held by equipment lenders and convertible note holders into equity. A new credit facility, along with projected operating cash flow, will enable the company to repay the remaining debts on its balance sheet over the next five years.
Previously, due to insufficient cash to repay financing obligations related to leased equipment, Core was forced into bankruptcy proceedings in December 2022.
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