{"id":525787,"date":"2022-12-12T23:43:34","date_gmt":"2022-12-12T20:43:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/argo-blockchain-reports-insufficient-funds-no-assurance-it-can-avoid-chapter-11-bankruptcy\/"},"modified":"2022-12-12T23:43:34","modified_gmt":"2022-12-12T20:43:34","slug":"argo-blockchain-reports-insufficient-funds-no-assurance-it-can-avoid-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-reports-insufficient-funds-no-assurance-it-can-avoid-chapter-11-bankruptcy\/","title":{"rendered":"# Argo Blockchain reports insufficient funds, &#8216;no assurance&#8217; it can avoid Chapter 11 bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dbda3221e4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dbda3221e4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-reports-insufficient-funds-no-assurance-it-can-avoid-chapter-11-bankruptcy\/#%E2%80%9D_Argo_Blockchain_reports_insufficient_funds_%E2%80%98no_assurance_it_can_avoid_Chapter_11_bankruptcy_%E2%80%9C\" >&#8221; Argo Blockchain reports insufficient funds, &#8216;no assurance&#8217; it can avoid Chapter 11 bankruptcy &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Argo_Blockchain_reports_insufficient_funds_%E2%80%98no_assurance_it_can_avoid_Chapter_11_bankruptcy_%E2%80%9C\"><\/span>&#8221; Argo Blockchain reports insufficient funds, &#8216;no assurance&#8217; it can avoid Chapter 11 bankruptcy &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZmI1MzkyZmMtY2VkYi00OWI3LTlmNWQtMDAyNzJhYTRkZDJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Crypto mining firm Argo Blockchain has reported it had been negotiating to sell assets and \u201cengage in an equipment financing transaction\u201d in an effort to avoid filing for bankruptcy.<\/p>\n<p>In a Dec. 12 announcement, Argo Blockchain <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/argoblockchain.com\/news-room\/2022-december-restoration-of-trading\">said<\/a> it was at risk of having insufficient funds to continue operating within a month, and was in the middle of \u201cadvanced negotiations\u201d to sell certain assets. Though the mining firm said it had not filed for Chapter 11 bankruptcy in the United States, \u201cinadvertently published materials\u201d related to the company\u2019s financial situation led to the suspension of trading on the London Stock Exchange, or LSE, and Nasdaq on Dec. 9. <\/p>\n<p>Argo reported it had resumed trading on the London Stock Exchange as of Dec. 12, but there <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.londonstockexchange.com\/stock\/ARB\/argo-blockchain-plc\/company-page\">was<\/a> no data recorded with the LSE at the time of publication. Shares of the mining firm closed at $0.69 on the Nasdaq on Dec. 8, and 6.70 pounds on the LSE.<\/p>\n<p>\u201cThe Company is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the Company can avoid such a filing,\u201d said Argo. \u201cThe Company has requested that the UK Financial Conduct Authority restore the listing of its ordinary shares and that is expected to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en as soon as practicable.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">New RNS just out with an update on the restoration of trading on the LSE:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/6vH9PX8SET\">https:\/\/t.co\/6vH9PX8SET<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ARB?src=hash&amp;ref_src=twsrc%5Etfw\">#ARB<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ARBK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ARBK<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Oqu7oZ9sSH\">pic.twitter.com\/Oqu7oZ9sSH<\/a><\/p>\n<p>\u2014 Argo (@ArgoBlockchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1602368608327405604?ref_src=twsrc%5Etfw\">December 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The mining firm reported in October that it was at risk of becoming cash flow negative \u201cin the near term\u201d should it fail to raise needed capital to continue operations. Amid the bear market, Argo reported selling some of its mined Bitcoin (BTC) holdings to pay down a loan from Galaxy Digital, from which it secured crypto-backed loan agreements in 2021. <\/p>\n<p>As of Nov. 30, Argo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/argoblockchain.com\/news-room\/2022-november-november-operational-update\">reported<\/a> holding 126 BTC and Bitcoin equivalents. The price of the cryptocurrency was $17,033 at the time of publication.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Argo Blockchain facility in West Texas expects to start mining Bitcoin in May<\/em><\/strong><\/p>\n<p>Should Argo file for Chapter 11, it would be the latest in a string of crypto firms reporting financial difficulties amid a bear market. Many global regulators and lawmakers have pointed to the collapse of Terraform Labs, Celsius Network, Voyager Digital, BlockFi, and most recently FTX in criticisms of the crypto market.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/argo-blockchain-reports-insufficient-funds-no-assurance-it-can-avoid-chapter-11-bankruptcy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Argo Blockchain reports insufficient funds, &#8216;no assurance&#8217; it can avoid Chapter 11 bankruptcy &#8220; Crypto mining firm Argo Blockchain has reported it had been negotiating to sell assets and \u201cengage in an equipment financing transaction\u201d in an effort to avoid filing for bankruptcy. In a Dec. 12 announcement, Argo Blockchain said it was at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":525788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/fb5392fc-cedb-49b7-9f5d-00272aa4dd2c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,75042,4978,117],"class_list":["post-525787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-mining","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=525787"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/525788"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=525787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=525787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=525787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}