Odaily News Bitcoin mining company Core Scientific released a report outlining its plan to exit bankruptcy proceedings in early January 2024. The report is based on the third revised joint bankruptcy plan filed on November 16 and includes audio comments from CEO Adam Sullivan. Common stockholders and holders of both convertible notes will receive separate compensation. Ordinary shareholders will receive new shares at a share exchange ratio of 25:1. Holders of notes due in April will receive $1.628 for every $1 of face value, and holders of notes due in August will receive $1.201 for every $1 of face value. These funds will be released on January 3, 2024. If an agreement is reached with major shareholders, Core Scientific will exit bankruptcy proceedings on January 5, 2024, with net debt of $709 million, an equity value of $791 million, and only $46 million of debt due in 2025. Shareholders can vote on the plan until Dec. 13, and the Bankruptcy Court for the Southern District of Texas will issue a decision on Dec. 22. If approved, the plan will come into effect on January 5, 2024. (Cointelegraph)