Core Scientific, Inc./tx (CORZ): going-concern / distress — Core Scientific's Chapter 11 plan confirmed by bankruptcy court; to issue ~166M new shares and list on Nasdaq

Core Scientific, Inc./tx

Bankruptcy Court entered confirmation order on Jan 16, 2024 for Fourth Amended Joint Chapter 11 Plan.
Existing common stock (388M shares) cancelled; ~166M new common shares to be issued upon emergence.
Holders of General Unsecured Claims receive New Common Stock at 100% of claim value plus additional equity and contingent payments.
Miner Equipment Lenders may elect New Common Stock or Miner Equipment Lender Takeback Debt.
Company intends to list new common stock on the Nasdaq Global Market.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2022-12-21

Exact text from the filing

On December 21, 2022, Core Scientific, Inc. (the “ Company ”) and certain of its affiliates (collectively, the “ Debtors ”) filed voluntary petitions (the “ Chapter 11 Cases ”) in the United States Bankruptcy Court for the Southern District of Texas (the “ Bankruptcy Court ”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “ Bankruptcy Code ”).

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1 distress & bankruptcy filed in the last 30 days. Browse all distress & bankruptcy →

Core Scientific, Inc./tx filing history →

Source: SEC EDGAR

accession 0001193125-24-008952

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