Core Scientific amends plan, pushes hearing back to Jan. 16

By Sarah Lizee

Olympia, Wash., Dec. 29 – Core Scientific, Inc. filed an amended plan of reorganization and extended the confirmation hearing to Jan. 16, according to a Friday press release.

The company previously announced a global settlement with all key stakeholders, including the informal noteholder group, the official committee of unsecured creditors, the official committee of equity holders and B. Riley, the company’s debtor-in-possession lender.

While subject to further finalization, the plan reflects the global settlement and represents another step toward confirmation and exit from Chapter 11, Core Scientific said.

In connection with filing of the plan, the bankruptcy court also approved the company’s motion requesting to 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 to the plan.

While the court has agreed to reschedule the combined hearing to consider both final approval of the disclosure statement and confirmation of the plan to Jan. 16, the company said it still expects to emerge from Chapter 11 in mid-to-late January.

As a result of rescheduling the combined hearing, the deadline for participating in the equity rights offering has been extended to Jan. 5.

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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