Growler Mining, Argo's largest creditor, will take over the mining company through a debt-for-equity swap.

Growler Mining, the largest creditor of crypto mining company Argo Blockchain, will take over the company through a debt-for-equity swap, with existing shareholders retaining only a minimal stake. According to restructuring documents filed under UK Companies Act, Growler will convert approximately $7.5 million in secured loans into equity and add new capital in exchange for an 87.5% stake in Argo after the restructuring. Holders of Argo's approximately $40 million in unsecured bonds will collectively receive a 10% stake, while existing shareholders will retain only 2.5%. The restructuring plan, dubbed "Project Triumph," aims to avoid bankruptcy and preserve the company's Nasdaq listing. (Cointelegraph)