Core Scientific's bankruptcy proceedings seek new appointment: investment banking firm XMS Capital Partners' managing director, Adam Sullivan, will assume the role of president if approved.
The debtors behind bankrupt cryptocurrency mining firm Core Scientific filed a motion for the approval of hiring a permanent president.
In an April 10 filing with United States Bankruptcy Court for the Southern District of Texas, Core Scientificit was addressing “a gap in the Debtors’ management team” prior to the firm filing for bankruptcy in December 2022. The debtors appointed Adam Sullivan, a managing director at investment banking firm XMS Capital Partners, to assume the role of president amid the company’s bankruptcy proceedings.
“Mr. Sullivan is no stranger to the digital asset mining space and has extensive experience in the digital asset investment banking industry,” said the filing. “[He] will principally work on financial and strategic matters, including working with customer, supplier, and creditor relationships and assisting with the negotiation of a plan of reorganization in his capacity as a member of the management team.
According to the debtors, Sullivan will receive a base salary of $500,000 as well as a guaranteed annual bonus of at least $500,000 in 2023 in his role as president. Soon-to-be former Core Scientific president Todd DuChene will stay on as the firm’s chief legal officer as well as assume the role of chief administrative officer.
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