Troubled bitcoin mining hosting firm computenorthllc is on track to oblivion, after a judge approved its reorganization plan. egreechee reports
A federal judge approved the final reorganization plan for effectively defunct crypto mining services firm Compute North, which was one of the largest in North America, setting the firm on track to become a shadow of what it once was.
Compute North filed for bankruptcy protection in September because it was unable to meet its debt obligations. The mining firm has closed 13 asset sales, four of them major, which have “satisfied” all of its secured debt, which was $250 million, said Compute North’s attorney at a Thursday hearing. “Nobody was going to like what I was getting ready to do,” Judge Marvin Isgur of the Southern District of Texas said when Compute North’s attorney revealed a last-minute “Hail Mary” that will allow the mining hosting firm to move forward with its restructuring plan.
Compute North has settled its debts with numerous companies in order to get them on board with the plan and avoid future litigation. Those include industry giant Marathon Digital Holdings, which agreed on Feb. 9 to a general unsecured claim to $40 million in return for accepting the plan. Another 11 firms had to settle with Compute North for relatively minor claims for the plan to go through.Three of the agreements – two from customers and one from a supplier – came at the last minute.
Corpus Christi Energy Park, which was building the infrastructure for a mining site in Texas, also agreed at the last minute to retain an up to $5 million unsecured claim.
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