It was a mistake? Looks like Argo Blockchain is facing restructuring, not bankruptcy

Major miner Argo Blockchain, which is literally on the brink of bankruptcy, announced its intention to negotiate to sell some of its assets. The company also plans to strengthen its balance sheet with equipment financing. 

According to statements from the London Stock Exchange, it expects to take such actions without filing for bankruptcy. But to date, there are no guarantees of successful implementation of its plans. 

The company claims that the appearance of drafts with the bankruptcy petition was erroneous. Recall that after that, trading in Argo Blockchain shares was suspended. The securities have already lost 94% of their value, however, the miner expects the listing to be restored soon. 

Argo’s attempts to raise funding have been ongoing since August. In October, a $27 million deal was scrapped, and the miner stated the prospect of negative cash flow. 

Recall that the company had intended to launch a large bitcoin mining facility in Texas that could have made it an industry leader. However, the crisis in the industry led to the fact that the costs exceeded revenues, and this step had to be abandoned. 

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