Core Scientific receives 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., June 14 – Core Scientific, Inc. secured a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the exclusive plan filing period through July 19 and the exclusive solicitation period through Sept. 17.

The company said in its motion that the extension will afford the debtors the time they need to finalize an updated business plan that aligns with market and industry conditions that have changed dramatically over the last few months.

The business plan will, in turn, form the basis for the debtors’ plan of reorganization and strategy for emergence from Chapter 11.

Core Scientific said the debtors anticipated finalizing the business plan by mid to late April and intend to use the extension of the exclusive periods to negotiate a plan of reorganization with their key constituents.

The company said its debtor-in-possession lender, the official committee of unsecured creditors, an informal noteholders group and the official equity committee supported the extension.

Core Scientific is an Austin, Tex.-based Bitcoin mining company. The company filed bankruptcy on Dec. 21, 2022 under Chapter 11 case number 22-90341.

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