Struggling bitcoin miner ArgoBlockchain said it’s in advanced negotiations to sell some of its assets and carry out an equipment financing transaction, and is hopeful it can do so without having to declare bankruptcy. egreechee and NelWang report
The London-based company said it is hopeful that it will be able to make these moves outside of a voluntary Chapter 11 bankruptcy filing in the U.S., but there is no reassurance it will be able to do so.
Argo also noted that draft materials saying the company had filed for bankruptcy had accidentally been published to its website last week, leading to theThe company is now requesting that its listing in the U.K. be restored, and expects that to happen “as soon as practicable.” The miners' shares had already lost about 94% of their value in the past year, underperforming the rest of the industry.
As part of the process, the company has hired McDermott Will & Emery LLP as legal advisers, Berkeley Research Group, LLC as financial advisers and Stifel GMP and its affiliate, Miller Buckfire & Co., LLC, as investment bankers.
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