PANews reported on October 21st that Growler Mining, the largest lender to the troubled crypto mining company Argo Blockchain, is taking over the company through a debt-for-equity swap. Under the plan, existing shareholders will retain only a small stake in the company. A restructuring plan filed under UK Companies Act shows that Growler will convert $7.5 million in secured loans into equity and provide additional financing in exchange for an 87.5% stake in the reorganized Argo. Concurrently, holders of $40 million in unsecured bonds will receive a 10% stake, leaving existing shareholders with only 2.5%. The transaction is part of a court-supervised restructuring plan called "Project Triumph," aimed at avoiding bankruptcy and maintaining its Nasdaq listing. Argo has warned that without a balance sheet restructuring, the company faces bankruptcy due to cash flow and balance sheet issues. In addition, Argo will delist from the London Stock Exchange, ending its six-year listing in the UK. Subject to meeting regulatory requirements, its shares will continue to trade on the Nasdaq, shifting the company's capital market focus to the US. Due to aging equipment and high energy consumption, Argo's daily Bitcoin production has plummeted from nearly six in 2022 to less than two in 2024, significantly reducing profitability.PANews reported on October 21st that Growler Mining, the largest lender to the troubled crypto mining company Argo Blockchain, is taking over the company through a debt-for-equity swap. Under the plan, existing shareholders will retain only a small stake in the company. A restructuring plan filed under UK Companies Act shows that Growler will convert $7.5 million in secured loans into equity and provide additional financing in exchange for an 87.5% stake in the reorganized Argo. Concurrently, holders of $40 million in unsecured bonds will receive a 10% stake, leaving existing shareholders with only 2.5%. The transaction is part of a court-supervised restructuring plan called "Project Triumph," aimed at avoiding bankruptcy and maintaining its Nasdaq listing. Argo has warned that without a balance sheet restructuring, the company faces bankruptcy due to cash flow and balance sheet issues. In addition, Argo will delist from the London Stock Exchange, ending its six-year listing in the UK. Subject to meeting regulatory requirements, its shares will continue to trade on the Nasdaq, shifting the company's capital market focus to the US. Due to aging equipment and high energy consumption, Argo's daily Bitcoin production has plummeted from nearly six in 2022 to less than two in 2024, significantly reducing profitability.
Growler Mining, Argo Blockchain's largest lender, plans to acquire an 87.5% stake in the company.
PANews reported on October 21st that Growler Mining, the largest lender to the troubled crypto mining company Argo Blockchain, is taking over the company through a debt-for-equity swap. Under the plan, existing shareholders will retain only a small stake in the company. A restructuring plan filed under UK Companies Act shows that Growler will convert $7.5 million in secured loans into equity and provide additional financing in exchange for an 87.5% stake in the reorganized Argo. Concurrently, holders of $40 million in unsecured bonds will receive a 10% stake, leaving existing shareholders with only 2.5%. The transaction is part of a court-supervised restructuring plan called "Project Triumph," aimed at avoiding bankruptcy and maintaining its Nasdaq listing. Argo has warned that without a balance sheet restructuring, the company faces bankruptcy due to cash flow and balance sheet issues.
In addition, Argo will delist from the London Stock Exchange, ending its six-year listing in the UK. Subject to meeting regulatory requirements, its shares will continue to trade on the Nasdaq, shifting the company's capital market focus to the US. Due to aging equipment and high energy consumption, Argo's daily Bitcoin production has plummeted from nearly six in 2022 to less than two in 2024, significantly reducing profitability.
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