Celsius

Core

Million

Celsius has taken steps within its bankruptcy proceedings to address ongoing disputes and contractual issues, with a motion filed to secure resolution. They are seeking court endorsement for a settlement and acquisition arrangement with Core Scientific. 
These developments were disclosed in a recent submission during the Celsius bankruptcy hearing, outlining a consensus between the two parties to resolve most of their respective claims. Notably, this resolution excludes specific convertible note claims held by Celsius against Core. 
Under the terms of these agreements, Celsius has committed to acquiring the Cedarvale mining facility from Core, with the transaction’s total value standing at $45 million. Of this amount, $14 million will be paid directly to Core by Celsius, while the remaining $31 million will be offset by releasing certain claims against Core. The acquisition of Cedarvale is expected to significantly enhance Celsius’s mining capacity, potentially reaching 215 megawatts upon full construction, providing substantial benefits to creditors and stakeholders. 
This acquisition not only presents a unique opportunity for Celsius but also underscores the growing importance of mining facilities in the cryptocurrency ecosystem, as demand for blockchain technology and digital assets continues to surge globally. 
In addition to Cedarvale, Celsius will also gain access to particular intellectual property and mining designs from Core, which will facilitate the operation of Cedarvale and future similar facilities. This comprehensive deal includes Celsius taking over specific contracts associated with Cedarvale from Core. 
It’s important to note that Celsius is currently undergoing bankruptcy proceedings, necessitating court approval for these settlement and acquisition agreements. Celsius has formally petitioned the bankruptcy court for this approval, asserting that these agreements align with prudent business judgment. Core, in parallel, has initiated a similar motion within its own bankruptcy case, seeking court sanction for the deal. Ultimately, the execution of these agreements hinges on the endorsement of both bankruptcy courts. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/108463/bankruptcy-settlement-celsius-to-acquire-core-scientific-mining-facility-for-45-million/">Bankruptcy Settlement: Celsius to Acquire Core Scientific Mining Facility for $45 Million</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Bankruptcy Settlement: Celsius to Acquire Core Scientific Mining Facility for $45 Million

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