Key Points: A federal judge accepted Compute North’s final restructuring plan. Compute North is a provider of crypto mining services.
The mining company completed 13 asset transactions, four which were significant, and paid off its entire secured debt of $250 Million.
Compute North reached settlements with several of its debtors to bring these businesses onboard with the strategy.
Compute North, a bankrupt hosting company, was granted bankruptcy protection by the U.S. Bankruptcy Court in the Southern District of Texas. Compute North had filed for bankruptcy protection in September after it discovered that it could not pay its debts. Compute North’s counsel said that the mining company had completed 13 asset transactions, four which were significant, and paid all of its secured debt of $250 million. Compute North sought bankruptcy protection in September after discovering it couldn’t pay its debts. Compute North reached settlements with several of their debtors to bring them on board. Marathon Digital Holdings, the market leader, agreed to settle a general unsecured claim for $40 million. Compute North had 11 other companies settle small claims in order to make the scheme work. The company also sold US Bitcoin Corp., which recently announced a merger of miner Hut 8 and its 50% stake in a Texas 280-megawatt wind farm project. Foundry,Crusoe Energy System, and Generate Capital were among the additional customers. This will determine how the remaining claimants share in Compute North’s residual assets. The proposal states that the remaining unsecured creditors will hold the property, including transformers, and will distribute it among the claimants. To end ongoing legal proceedings, a lawsuit trust will be created. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Bankruptcy CourtCompute NorthcryptoHut 8Marathon Digital Holdings