bankrupt bitcoin Mining hosting provider Compute North has today received approval to operate its cash management system, pay off insurance obligations and provide a list of its creditors.
US Court Grants Some Special Permissions to Bitcoin Mining Company Compute North
US Bankruptcy Court Judge Marvin Isgur for the Southern District of Texas has signed three more orders that allow the firm to continue key operations through Chapter 11 bankruptcy.
The approvals came after some day one motions were rejected at a hearing on Friday following Compute North’s declaration of bankruptcy.
The company was approved to maintain existing bank accounts and business forms, and banks were allowed to cover checks written before the firm went bankrupt when directed by Compute North and the bankruptcy court.
The documents include that the company has been “approved but not directed” for intercompany transactions.
Isgur also approved a revised order inviting Compute North to submit a list of its 30 largest creditors. The firm was also agreed to reorganize the address information of its employees, managers, and contractors.
Subsequent filings will also set key dates for litigation and set the firm on a path to consider how certain debts will be repaid.
Bitcoin mining company Compute North filed for Chapter 11 bankruptcy last Thursday, and the document states that “no funds can be distributed to unsecured creditors after all administrative costs have been paid.”
In addition to the deteriorating relationship with the infrastructure investment firm, Generate Capital, the company’s chief financial officer, Harold Coulby, said in a statement. cryptocurrency announced that the recession in the market deteriorated the liquidity of the company.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!