Core Scientific reorganization plan approved by bankruptcy court, plans to re-list in January

Odaily News Encryption mining company Core Scientific said that the U.S. Bankruptcy Court for the Southern District of Texas has approved the company’s Chapter 11 reorganization plan. The bankruptcy courts approval of the plan clears the way for Core Scientific to relist on Nasdaq by the end of January 2024. Under the terms of the plan, shareholders (as of the expected record date of January 23, 2024) will receive new shares of common stock and warrants representing approximately 60% of the company’s new capital stock. Assuming all applicable warrants are exercised for cash and the cash is used to repay debt, the companys existing debt will be paid in full, reducing its debt balance prior to the program by approximately $1 billion. (Businesswire) Previously, Core Scientific completed a US$55 million equity subscription issuance.