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 <p class="is-style-lead">Core Scientific is emerging from Chapter 11 <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> and will relist its shares.</p>
 <p>After a U.S. court confirmed its reorganization plan, mining company Core Scientific announced its readiness to exit <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> proceedings.</p>
 <p>Core Scientific CEO Adam Sullivan said the confirmation of the plan is a defining moment of the company.</p>
 <blockquote class="wp-block-quote">
  <p>“With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating value for our shareholders as we execute our growth plan, de-lever our balance sheet and deliver superior efficiency at scale.”</p> <cite>Adam Sullivan, Core Scientific CEO</cite>
 </blockquote>
 <p>The press release notes that under the reorganization plan, shareholders will receive approximately 60% of Core Scientific’s new share capital, and the company will fully repay its debt.<br></p>
 <p>The mining firm also said it plans to relist on the Nasdaq exchange by the end of January 2024.</p>
 <p>In November 2022, the company warned of a possible depletion of cash reserves and cash equivalents before the end of the year. The miner cited a decrease in the price of Bitcoin (BTC), an increase in electricity tariffs, and an increase in hash rate. Liquidity was also pressured by legal costs and the <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> of Celsius Network, one of its largest hosting clients.</p>
 <p>In December 2022, Core Scientific filed for Chapter 11 <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a>. However, Core Scientific did not intend to initiate a liquidation process after filing. The company expects to continue operations until an agreement is reached with its major creditors.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/core-scientific-emerges-from-chapter-11-bankruptcy-tbt76813.html">https://thebittimes.com/core-scientific-emerges-from-chapter-11-bankruptcy-tbt76813.html</a></p>

Core Scientific emerges from Chapter 11 bankruptcy

TheBitTimes

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