Compute North files for Chapter 11 bankruptcy

Sept 23,2022
KingData News: Bitcoin mining hosting provider Compute North has filed for Chapter 11 bankruptcy protection in a federal court. "After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors," the company claimed in the filing. Compute North has between $100 million-$500 million both in estimated liabilities and estimated assets, according to the filing. The company raised $385 million in equity and debt funding earlier this year to finance its new bitcoin mining data centers. The deal was structured as $85 million in equity funding from Mercuria, a global energy and commodities trading company, Generate Capital, an infrastructure investment firm, and other investors, and $300 million from Generate Capital.
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