A group of convertible bondholders of bitcoin miner Core_Scientific are reportedly working with restructuring lawyers at Paul Hastings. Aoyon_A reports
Core last week said it was exploring strategic alternatives for raising capital,bankruptcy could be an option. The company also said it hired Weil, Gotshal & Manges LLP as legal advisers and PJT Partners LP as financial advisers.
The Bloomberg report Tuesday didn't specify which convertible bondholders have retained the lawyers, and said neither Core nor Paul Hastings had returned calls for comment. Core Scientific's woes reflect the depressed state of the bitcoin mining industry, with firms facing the squeeze of a bitcoin bear market and higher energy costs. Most recently, bitcoin miner Argo Blockchain , said a deal to raise 24 million British pounds from a strategic investor
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