If approved, this third version of the plan will go into effect on Jan. 5, 2024, and see the company add 372 MW in capacity by 2027.
Bitcoin (BTC) miner Core Scientific has released a presentation outlining its plans to emerge from bankruptcy in early January 2024. The presentation is based on the third amended joint Chapter 11 plan filed on Nov.
Common shareholders and holders of two series of convertible notes are being planned for separately.
Planned Core Scientific indicators through 2027. Source: Core Scientific
Noteholders will receive $1.628 on every $1 of face value for notes due in April and $1.201 per $1 face value for notes with an August due date.
If it reaches agreements with key shareholders, Core Scientific will emerge from bankruptcy with $709 million in net debt and $791 million in equity value on Jan.
Core Scientific operates seven facilities in five states and has a total operational capacity of 724 MW.