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Core Scientific’s plan hearing moved to Jan. 10 due to settlement
By Sarah Lizee
Olympia, Wash., Dec. 21 – Core Scientific, Inc.’s combined hearing on confirmation of its Chapter 11 plan and approval of the related disclosure statement has been moved to Jan. 10 from Dec. 22, according to a press release.
The hearing was moved because the company has reached a global settlement with an informal group of noteholders, the official committee of unsecured creditors, the official committee of equity holders and debtor-in-possession lender B. Riley.
“The global settlement removes key hurdles to our anticipated emergence from Chapter 11 in January,” Adam Sullivan, Core Scientific’s chief executive officer, said in the release.
“With our team highly focused on operational excellence, a post-emergence pathway to de-lever our balance sheet and a plan for continued growth in 2024 and beyond, we are excited to pursue the opportunities ahead of us in the new year.”
The company said moving the hearing will allow it to distribute the updated plan and disclosure statement to voting creditors and equity holders.
Core Scientific also intends to file a motion requesting that the court modify some dates and deadlines with respect to the plan, including an extension of the deadlines to vote on the plan or file an objection.
The company expects to emerge from Chapter 11 in mid-to-late January.
The deadline for participating in the equity rights offering has been extended to Dec. 28.
Core Scientific is an Austin, Tex.-based Bitcoin mining company that filed bankruptcy on Dec. 21, 2022 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 22-90341.
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