Bitcoin miner Core Scientific files its Chapter 11 plan
The bankruptcy plan explained that holders of allowed debtor-in-possession claims would receive full and final satisfaction of their claims. Bankrupt Bitcoin (BTC) miner Core Scientific filed its Chapter 11 bankruptcy plan. The plan was filed in the United States Bankruptcy Court for the Southern District of Texas Houston Division. The plan was negotiated with key stakeholders, and according to the filing, the firm is “seeking to build as much consensus as possible” about how a new Core Scientific would look after emerging from its bankruptcy proceedings. The company said it had seen a boost in liquidity since filing for Chapter 11 bankruptcy and is focused on revamping its business plan to make a successful comeback. The company attributed its improved financial performance to higher Bitcoin prices, increased network hash rate and reduced energy costs. A Chapter 11 bankruptcy allows a firm to continue operating until stakeholders agree on a restructuring plan, which could involve me...