{"id":5002,"date":"2023-05-24T03:00:41","date_gmt":"2023-05-24T07:00:41","guid":{"rendered":"https:\/\/sikaoer.com\/core-scientific-moves-for-september-bankruptcy-exit-expects-46m-boost\/"},"modified":"2023-05-24T03:00:41","modified_gmt":"2023-05-24T07:00:41","slug":"core-scientific-moves-for-september-bankruptcy-exit-expects-46m-boost","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/core-scientific-moves-for-september-bankruptcy-exit-expects-46m-boost\/","title":{"rendered":"Core Scientific moves for September bankruptcy exit, expects $46M boost"},"content":{"rendered":"


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A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions.<\/p>\n

In a May 22 filing in a Texas Bankruptcy Court, Core Scientific\u2019s lawyers said its liquidity position has improved considerably since it filed for bankruptcy and as a result, it plans to file a reorganization plan in the near future.<\/p>\n

The plan is currently being negotiated with key stakeholders, and according to the filing, the firm is \u201cseeking to build as much consensus as possible\u201d about how a new Core Scientific would look after emerging from its bankruptcy proceedings. <\/p>\n

The next steps in Core Scientific\u2019s Chapter 11 proceedings. Source: Stretto<\/figcaption><\/figure>\n

A Chapter 11 bankruptcy allows a firm to continue operating until stakeholders are able to agree on a restructuring plan which could involve measures such as the downsizing of business operations to reduce debt or the liquidation of assets to repay creditors.<\/p>\n

The firm pointed to decreasing power costs, increasing Bitcoin prices and an increase in the blockchain\u2019s hashrate as the primary market factors contributing to its liquidity boost.<\/p>\n

Core Scientific\u2019s initial liquidity estimates vs current. Source: Stretto<\/figcaption><\/figure>\n

On Dec. 21, 2022, when Core Scientific filed for bankruptcy, Bitcoin\u2019s price was $16,904,\u00a0according to CoinMarketCap. Since then, the price has shot up by over 60%, currently sitting at around $27,000. <\/p>\n

Additionally, power prices have decreased by 24% since the petition date according to the filing, while the network hashrate has jumped by 54%.<\/p>\n

Related: <\/strong>FTX 2.0 launching soon? Court filing shows a reboot plan in the works<\/strong><\/p>\n

As a result of more favorable market conditions, Core Scientific estimates it will have an additional $46 million in funds once a restructuring plan is finalized, despite delays in the bankruptcy proceedings.<\/p>\n

The miner is also expecting a significant windfall from Celsius Network claiming the bankrupt crypto lender owes it some $11 million.<\/p>\n

The two firms are currently engaged in a lengthy court battle that began on Oct. 19, 2022, when Core Scientific first accused Celsius of failing to pay its power bills.<\/p>\n

Web3 Gamer: Illuvium controversy, Aurory Prologue review, Fornite CEO salty, Assassin\u2019s Creed NFTs <\/strong><\/p>\n<\/div>\n


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A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions. In a May 22 filing in a Texas Bankruptcy Court, Core Scientific\u2019s lawyers said its liquidity position has improved considerably since it filed […]<\/p>\n","protected":false},"author":1,"featured_media":5003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"yoast_head":"\nCore Scientific moves for September bankruptcy exit, expects $46M boost - Sikaoer - The Best Crypto News Site.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sikaoer.com\/core-scientific-moves-for-september-bankruptcy-exit-expects-46m-boost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Core Scientific moves for September bankruptcy exit, expects $46M boost\" \/>\n<meta property=\"og:description\" content=\"A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions. 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