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Core Scientific agrees on restructuring after growing electricity costs and non-paying customers force Chapter 11 filling

A decline in the company's operating performance and liquidity suffering from the prolonged decrease in the price of bitcoin, the increase in electricity costs, and the failure by certain of its hosting customers to honour their payment obligations has pushed the operator to restructuration.

By João Marques Lima

Founder and Editor, The Tech Capital

3 Mins

December 26, 2022 | 12:14 PM GMT

Core Scientific agrees on restructuring after growing electricity costs and non-paying customers force Chapter 11 filling

Darin Feinstein, entrepreneur, venture capitalist and philanthropist, as well as co-founder of Core Scientific. Source: Core Scientific

Blockchain data centre operator Core Scientific, Inc. (NASDAQ: CORZ) said it will enter into a restructuring support agreement with the Ad Hoc Noteholder Group, representing more than 50% of the holders of its convertible notes.

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João Marques Lima

Founder and Editor, The Tech Capital

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