Argo Blockchain Announces Plans for Restructuring Without Bankruptcy
In a press release on December 12th, Argo Blockchain announced that they are in advanced negotiations with a third party to sell certain assets and finance their equipment in an effort to restructure the company without a voluntary US Chapter 11 bankruptcy filing. However, the company stated that there is "no assurance" that this restructuring will be successful.
Argo Blockchain Faces Negative Cash Flow Following Collapse of Financing Deal
In October, Argo Blockchain warned of potential negative cash flow following the collapse of a $27 million financing deal. Wednesday's announcement is expected to detail further steps the company will take to address this issue.
Other Mining Companies are Also Struggling
Argo Blockchain is one of many mining companies to face financial challenges recently. Core Scientific filed for bankruptcy in October after issuing a similar warning of potential negative cash flow.
