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Argo Blockchain faces major overhaul as lender takes control
Debt-for-equity swap redefines the future of Argo
In a significant restructuring move, #ArgoBlockchain a prominent name in the cryptocurrency mining sector, is undergoing a dramatic transformation. The largest creditor of the company, #Growler Mining, is set to take control through a strategic debt-for-equity swap. This bold maneuver will see Growler #Mining convert approximately $7.5 million of secured loans into a dominant 87.5% stake in Argo's reorganized equity. This restructuring, filed under the UK Companies Act, is part of a court-supervised plan known as Project #triumph . The move aims to avoid insolvency and preserve Argo's listing on Nasdaq, a crucial step for the company's survival in an increasingly competitive market.
In a significant restructuring move, #ArgoBlockchain a prominent name in the cryptocurrency mining sector, is undergoing a dramatic transformation. The largest creditor of the company, #Growler Mining, is set to take control through a strategic debt-for-equity swap. This bold maneuver will see Growler #Mining convert approximately $7.5 million of secured loans into a dominant 87.5% stake in Argo's reorganized equity. This restructuring, filed under the UK Companies Act, is part of a court-supervised plan known as Project #triumph . The move aims to avoid insolvency and preserve Argo's listing on Nasdaq, a crucial step for the company's survival in an increasingly competitive market.
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