Argo Blockchain Attempts To Escape Bankruptcy December 28, 2022
Story: Divya Sinha
Bitcoin mining firm Argo Blockchain has agreed to sell its Helios mining facility to Galaxy Digital for $65 million.
Also will refinance a new asset-backed loan to avoid filing for bankruptcy.
The press release states that the transaction will reduce total debt by $41 million and simplify Argo's operating structure.
Also, it added that Argo will retain ownership of all mining machines and Galaxy will host Argo’s fleet of Bitmain S19J Pros at Helios.
The company temporarily halted its trading on NASDAQ exchange on December 27 and announced it to resume the other day.
On December 12, according to a filing with the London Stock Exchange, the company has not filed for bankruptcy, instead undergoing a restructuring.
Over the past months, the Bitcoin mining industry has seen decline in profit margins.