Compute North Receives Bankruptcy Judge's Approval of Reorganization Plan and Pays Off All Secured Debt of $250 Million

According to CoinDesk, the restructuring plan of the encryption mining company Compute North was approved by a bankruptcy judge. The mining company filed for bankruptcy protection in September 2022, mainly because it could not meet its debt obligations. Compute North has completed 13 asset sales, four of which were major asset sales, and has "paid off" all of its $250 million in secured debt, attorneys for Compute North said at Thursday's hearing. Compute North has settled debts with various companies to allow them to participate in the program and avoid future litigation, including Marathon Digital Holdings, which agreed on Feb. 9 to accept the program with a $40 million general unsecured claim s return. Eleven other companies settled relatively smaller claims with Compute North to secure the plan.