According to Foresight News, Core Scientific, a Bitcoin mining company, has announced its latest bankruptcy plan before the court hearing. If approved by the court, the third version of the plan will take effect on January 5, 2024, and the company will increase its capacity by 372 MW by 2027. For the notes maturing in April, holders of $1 face value notes will receive $1.628, while for the notes maturing in August, holders of $1 face value notes will receive $1.201. The corresponding funds will be distributed on January 3, 2024.
If an agreement is reached with the main shareholders, Core Scientific will emerge from bankruptcy on January 5, 2024, with a net debt of $709 million and an equity value of $791 million. By 2025, only $46 million of debt will be due.