Argo Blockchain, a UK-based Bitcoin mining firm listed on the London Inventory Alternate, has entered a restructuring settlement that can probably see over 80% of its fairness acquired by US group Growler Mining.
The agency introduced in June that it was in search of a mortgage and restructuring deal described as “essential to keep away from an uncontrolled insolvency and liquidation”.
The plan, now largely agreed, will see Growler present a mortgage facility of as much as $7.5m (£5.5m) to finance the restructuring of the corporate, which can even probably lead to its delisting from the London public markets.
Argo Blockchain is endeavor due diligence processes to find out how a lot of the corporate can be supplied to Growler, although it’s anticipated to personal the overwhelming majority.
“After we introduced our proposed Recapitalisation Plan on 30 June 2025, I emphasised that the transaction was the end result of a months-long course of designed to protect Argo’s operations and maximise worth for our stakeholders,” mentioned Argo Blockchain chief govt Justin Nolan.
“These agreements present the funding and creditor help wanted to hold the Recapitalisation Plan via the courtroom course of, they usually characterize one other vital step towards delivering a considerably deleveraged stability sheet and a long-term strategic partnership with Growler.”
Argo hope to obtain a courtroom sanction for its recapitalisation plan by mid-December this yr. It warned if it can’t go forward with the plan, it might be “required to pursue insolvency proceedings”.
