{"id":79248,"date":"2023-05-24T13:29:08","date_gmt":"2023-05-24T10:29:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79248"},"modified":"2025-09-11T09:57:47","modified_gmt":"2025-09-11T06:57:47","slug":"core-scientific-asks-court-to-extend-restructuring-to-september","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/core-scientific-asks-court-to-extend-restructuring-to-september\/","title":{"rendered":"Core Scientific asks court to extend restructuring to September"},"content":{"rendered":"<p>The mining company Core Scientific <a href=\"https:\/\/cases.stretto.com\/public\/X217\/12024\/PLEADINGS\/1202405222380000000079.pdf\">submitted<\/a> to the bankruptcy court an updated restructuring plan, projected through September 2023.<\/p>\n<p>The firm noted that extending the process by four months is necessary due to changing market conditions. Among the latest factors for Core Scientific were:<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>Bitcoin price rose (by 61% since <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miner-core-scientific-files-for-chapter-11-bankruptcy\">filing for bankruptcy<\/a> in December 2022);<\/li>\n<li>lower electricity tariffs (by 24%);<\/li>\n<li>increase in network hash rate (by 54%).<\/li>\n<\/ul>\n<p>The first two factors have had a positive impact on the company&#8217;s mining business. <span data-descr=\\\"miner revenue per unit of computing power expended\\\" class=\\\"old_tooltip\\\">Hashprice<\/span> rose from $0.06\/TH\/s to $0.08\/TH\/s \u2014 about 30%.<\/p>\n<figure class=\\\"wp-block-image size-full\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-324.webp\\\" alt=\\\"image-324\\\" class=\\\"wp-image-207737\\\"\/><figcaption>Data: Core Scientific.<\/figcaption><\/figure>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;These conditions have also led to the debtor&#8217;s liquidity improving since the petition was filed,\\&#8221; said Core Scientific.<\/p>\n<\/blockquote>\n<p>Under the revised plan, the firm expects to complete the restructuring with an additional cash inflow of $46 million. The figure accounts for the repayment of all obligations to investors and creditors.<\/p>\n<p>Earlier, they agreed <a href=\"https:\/\/u1f987.com\/en\/news\/core-scientific-gains-access-to-37-5-million-loan-from-creditors\">to provide Core Scientific with a loan of $37.5 million<\/a> after filing for insolvency.<\/p>\n<p>In February, the company reached an agreement with investment bank B. Riley to obtain <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miner-core-scientific-to-secure-70-million-loan-from-b-riley\">a loan of $70 million<\/a> on more favourable terms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Core Scientific has submitted to the bankruptcy court an updated restructuring plan, projected through September 2023.<\/p>\n","protected":false},"author":1,"featured_media":79249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1271,1137],"class_list":["post-79248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-core-scientific","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79248"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79248\/revisions"}],"predecessor-version":[{"id":79250,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79248\/revisions\/79250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79249"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}