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<h2 id="header-0">Core Scientific, a Bankrupt Bitcoin miner, has revised its restructuring plan and expects to finalize it by September.</h2><p>The company anticipates exiting the bankruptcy proceedings with an additional $46 million due to favorable market conditions.</p><p>According to a filing made on May 22 in a Texas Bankruptcy Court, Core Scientific&#39;s liquidity position has significantly improved since the initial bankruptcy filing. As a result, the company intends to submit a reorganization plan in the near future. The plan is currently under negotiation with key stakeholders, with a focus on garnering consensus regarding the future structure of Core Scientific after emerging from bankruptcy.</p><p>Under Chapter 11 bankruptcy, a company can continue its operations while stakeholders work towards reaching a consensus on a restructuring plan. This plan may involve measures such as downsizing business operations to reduce debt or liquidating assets to repay creditors.</p><p>Core Scientific attributes its enhanced liquidity to several market factors. These include decreasing power costs, rising<a href="https://coingabbar.com/en/crypto-blogs-details/this-feb-will-bitcoin-touch-dollar30000-or-fall-to-dollar20000-first" rel="noopener noreferrer nofollow"> Bitcoin </a>prices, and an increase in the blockchain&#39;s hash rate. When Core Scientific filed for bankruptcy on December 21, 2022, the price of Bitcoin was $16,904. Since then, the price has surged by over 60%, currently hovering around $27,000. Additionally, power prices have declined by 24% since the filing, while the network hash rate has increased by 54%.</p><h3 id="core-scientific-expects-46m-boost-and-pursues-11m-claim-in-bankruptcy-restructuring">Core Scientific Expects $46M Boost and Pursues $11M Claim in Bankruptcy Restructuring</h3><p>As a result of these more favorable market conditions, Core Scientific estimates that it will have an additional $46 million in funds once the restructuring plan is finalized, despite the delays in the bankruptcy proceedings.</p><p>Furthermore, Core Scientific is anticipating a significant windfall from Celsius Network, as it claims the bankrupt crypto lender owes them approximately $11 million. The two companies are presently engaged in a lengthy court battle that originated when Core Scientific accused Celsius of failing to settle its power bills on October 19, 2022.</p><p>In summary, Core Scientific is taking advantage of improved market conditions to revise its bankruptcy restructuring plan. The company expects to emerge from <a href="https://coingabbar.com/en/crypto-currency-news/personal-info-of-ftx-users-at-risk" rel="noopener noreferrer nofollow">bankruptcy</a> with a substantial increase in funds. Additionally, it is pursuing a legal claim against Celsius Network for unpaid debts.</p>

Core Scientific Eyes September Bankruptcy Exit with $46M Boost

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