Svmuu News Bitcoin The mining pool Poolin has filed for Chapter 11 bankruptcy protection in a U.S. court and plans to wind down its operations by selling its mining assets in Bitcoin, Texas.According to court documents, Poolin and its two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, filed a voluntary bankruptcy petition with the U.S. Bankruptcy Court for the District of New Jersey on July 22.Poolin currently estimates it has between 10,000 and 25,000 creditors, with assets valued at approximately $1 million to $10 million and liabilities ranging from $100 million to $500 million.
Michael DuFrayne, Poolin’s Chief Restructuring Officer, stated that the company’s pre-bankruptcy debt totaled approximately $173.1 million, of which about $163.7 million consisted of unsecured IOUs issued to Poolin Wallet users after withdrawals were suspended during the 2022 crypto market crash.
This Chapter 11 proceeding is not intended to restructure the business but rather to facilitate the sale of assets under court supervision. Poolin’s Pyote and Tarbush mining facilities in Texas ceased mining and hosting operations on July 10, retaining only a small number of employees to maintain the assets and proceed with the sale.
Poolin has now signed an asset purchase agreement with Thor CALAP LLC, which has offered to acquire the relevant mining assets for $52 million. The offer includes: $15 million for the Pyote mining facility, along with related power rights and equipment;$37 million for the Tarbush mining facility’s power rights and equipment. This offer will serve as a “stalking horse bid” in the bankruptcy auction, setting a minimum price for subsequent bids; the transaction remains subject to higher bids and court approval. (Theenergymag)