Core Scientific Delays Final Hearing on Bankruptcy Exit to January

With additional global settlement, Core Scientific delays the combined hearing on its reorganization plan to January 10.

North American bitcoin mining giant Core Scientific is postponing a final court hearing on its bankruptcy exit after reaching additional settlement plans to win support from all key stakeholders.

As previously reported, Core Scientific initially scheduled a combined hearing on Dec. 22 for the Texas bankruptcy court to give the final approval on its third and latest reorganization plan filed in November.

The plan was initially supported by three out of the five groups of key stakeholders at the same and Core Scientific did not have the committee of unsecured creditors and B. Riley Financial on its side.

blocksbridge leaderboard banner

However, according to court filings on Monday, Core Scientific has had “good faith” negotiations to reach global settlement plans over the past month with B. Riley and the creditor committee.

The company said the settlement will enable itself to “proceed towards confirmation with the support of all key stakeholder groups.”

As a result, Core Scientific is postponing the final hearing from Dec. 22 to Jan. 10 and extending the deadline for its equity rights offering subscription again to Dec. 28.