Core Scientific Inc (CORZ)

[freddie me]

***Core Scientific Shareholders Get Official Voice in Bankruptcy Case

Shareholders of bankrupt bitcoin miner Core Scientific Inc. will have an official voice in its chapter 11 case and a budget from the company to advocate for as large a recovery as possible for its equity.

Judge David Jones of the U.S. Bankruptcy Court in Houston said Friday that he was approving the appointment of an official committee of equity holders

Core Scientific agreed to fund the equity committee after the rising price of bitcoin fueled hopes that its shares would have value despite its bankruptcy filing.

Lawyers for Core Scientific on Wednesday told Judge Jones that the company’s financial performance since its December chapter 11 filing has exceeded its expectations by about $26 million because of rising bitcoin prices and falling electricity prices.

Core Scientific’s bottom line is directly linked to cryptocurrency prices. Bitcoin has rallied in recent months from a recent low of about $15,760 in November, around the time crypto exchange FTX collapsed. Bitcoin stood at about $22,335 on Friday