Core Scientific explains its latest bankruptcy plan ahead of court date

Bitcoin (BTC) miner Core Scientific has released a presentation outlining its plans to emerge from bankruptcy in early January 2024. The presentation is based on the third amended joint Chapter 11 plan filed on Nov. 16 and includes an audio commentary by CEO Adam Sullivan.

Common shareholders and holders of two series of convertible notes are being planned for separately. Common shareholders will receive new shares exchanged at a ratio of 25:1, to provide them with $1.08 per pre-exchange share.

Planned Core Scientific indicators through 2027. Source: Core Scientific

Noteholders will receive $1.628 on every $1 of face value for notes due in April and $1.201 per $1 face value for notes with…

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