Bitcoin mining company Core Scientific has completed its restructuring process and will relist on Nasdaq

ChainCatcher news, according to CNBC, Bitcoin mining company Core Scientific has completed its restructuring process and will relist on Nasdaq on the evening of January 24, Beijing time. Previously, Core was forced into bankruptcy proceedings in December 2022 due to insufficient cash to repay financing debts owed for leased equipment. The company stated in a statement that the restructuring plan announced on Tuesday has reduced $400 million in debt from its balance sheet by converting the debts of equipment lenders and convertible noteholders into equity. The new credit facility and anticipated operating cash flow will enable the company to repay the remaining debts on its balance sheet over the next five years.