As reported by Cointelegraph, the new plan for Core Scientific, a bankrupt Bitcoin miner, is expected to be finalised by September. It is likely that the proceeding will end with about $46 million because of some favourable conditions of the current market.
With insights from a filing made by the Texas Bankruptcy Court, on May 22, 2023, the lawyers of Core Scientific mentioned that their liquidity position has developed after the filing of the bankruptcy petition. Supposedly, it will initiate a reorganization plan and file it in future, Cointelegraph added.
Sources revealed that the present plan is negotiated with stakeholders and the firm is “seeking to build as much consensus as possible,” about how the developed Core Scientific would be after the end of its bankruptcy proceedings, Cointelegraph highlighted.
Furthermore, Core Scientific expects that despite the delays in the proceedings of the bankruptcy and after the market conditions get more favourable, it will be able to add about $46 million extra in the funds, Cointelegraph concluded.
(With insights from Cointelegraph)
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