- The US Bankruptcy Court approved the sale of assets of Compute North LLC to Crusoe Energy.
- Certain assets of Compute North LLC, free and clear of liens, claims, and encumbrances could be sold to the other party.
- The order was in response to the company’s bankruptcy filing.
The United States Bankruptcy Court of the Southern District of Texas issued an order approving the sale of certain assets of the bitcoin mining firm Compute North LLC to Crusoe Energy System, the leading energy service company, “free and clear of all liens, claims, and encumbrances to the Purchaser”.
Previously, in September, Compute North LLC filed for bankruptcy in the US Bankruptcy Court, owing almost $500 million to approximately 200 creditors.
The company official narrated the initiative taken by the company for stabilizing the business:
The Company has initiated voluntary Chapter 11 proceedings to provide the company with the opportunity to stabilize its business and implement a comprehensive restructuring process that will enable us to continue servicing our customers and partners and make the necessary investments to achieve our strategic objectives.
According to the current order, the Asset Purchase Agreement had been approved, permitting authority to the companies for implementing and consummating the transactions. Also, the court has also taken initiative to grant the related relief.
It is to be noted that the order clearly stated that on October 24, 2022, the Bidding Procedures Order had been initiated and after evaluating and confirming that the requests submitted by both parties were authentic, the court approved the Bidding Procedures, the Assumption and Assignment Procedures, and the Rejection Procedures.
As per the notice, “the Acquired Assets constitute property of the Debtors’ estates and title thereto is vested in the Debtors’ estates within the meaning of section 541 of the Bankruptcy Code.”
In conclusion, the order issued by the Bankruptcy Court has detailed information on all the formalities and the criteria needed to be followed by both parties in order to fulfill the deal.
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