Crypto miner Core Scientific expects to emerge from bankruptcy in January

Crypto miner Core Scientific hopes to emerge from bankruptcy in January

  • Dec 21 (Reuters) – Cryptocurrency miner Core Scientific said on Thursday it was expecting to emerge from bankruptcy in mid-to-late January, a year after it became a casualty of high-profile falls that led to a rout in cryto tokens.
  • The Austin, Texas-based company said it has reached an in-principle deal with all key stakeholders on the terms of a global settlement.
  • “The global settlement removes key hurdles to our anticipated emergence from Chapter 11 in January,” said CEO Adam Sullivan in a statement.
  • Core Scientific had filed for bankruptcy protection in December last year, blaming slumping bitcoin prices, rising energy costs for bitcoin mining and unpaid debt from U.S. crypto lender Celsius Network, one of its biggest customers.
  • Reporting by Manya Saini in Bengaluru; Editing by Anil D’Silva and Arun Koyyur

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