(Provides particulars, background)
Dec 28 (Reuters) – Crypto miner Argo Blockchain Plc stated on Wednesday it would promote its mining facility Helios for $65 million and refinanced a brand new asset-backed mortgage settlement, in an try to keep away from submitting for chapter.
Argo will promote its Helios facility to Canada-listed funding administration firm Galaxy Digital Holdings.
The transactions embody refinancing loans with a brand new $35 million credit score with Galaxy, which can assist cut back its complete indebtedness by $41 million, the corporate stated in a press launch.
The information is available in a yr by which cryptocurrencies have undergone a spell of turmoil, with the collapse of crypto alternate FTX being the most recent blow to the trade.
Digital forex miners akin to Argo Blockchain use computer systems to resolve cryptographic issues and obtain a reward within the type of cryptocurrency.
Argo, which had earlier warned that it was vulnerable to having inadequate money to assist ongoing enterprise operations throughout the subsequent month, stated the offers will permit the corporate to proceed its operations. (Reporting by Amna Karimi and Sinchita Mitra in Bengaluru; Enhancing by Janane Venkatraman)
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