03-21-2023, 12:26 PM
#1
The federal judge overseeing the bankruptcy proceedings of Bitcoin mining company Core Scientific approved the settlement agreement between Core Scientific and its creditor Priority Power Management (PPM), Core Scientific will transfer more than $20 million worth of electrical equipment to PPM, involving two western Texas facilities, which together would add 1 GW of electrical capacity to Core Scientific's portfolio. PPM was hired as Core Scientific's exclusive energy negotiator and consultant starting in the summer of 2021. In May 2022, Core Scientific stopped paying various fees to PPM. Due to insufficient cash, the mining company also stopped debt repayments in October 2022. And filed for Chapter 11 bankruptcy last December. PPM claims in the lawsuit that it is owed about $30 million.
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