Bitcoin mining firm Giga Watt files for bankruptcy owing millions

posted 5 months ago
US based Bitcoin mining firm Giga Watt declared bankruptcy with millions owed to creditors. The firm filed for Chapter 11 business bankruptcy at a court in the Eastern District of Washington, revealing that it owes its biggest 20 unsecured creditors ~$7 million.

Creditors include the utilities provider for Douglas County, having a claim of over ~$300,000, and Neppel Electric which is owed ~$500,000. Giga Watt's estimated assets are worth ~$50,000, whereas estimated liabilities are in the range of $10–50 million, according to court documents. A director owning more than 10 % of the mining firm, Andrey Kuzenny held a meeting and concluded: “The corporation is insolvent and unable to pay its debts when due.”
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