Argo’s creditor grabs 87.5% stake in struggling miner in bold takeover move

Argo Blockchain's primary lender, Growler Mining, is seizing control of the struggling crypto miner through a significant debt-for-equity swap under a court-supervised restructuring plan called Project Triumph. Growler will convert approximately $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo's recapitalized equity. This leaves unsecured bondholders with 10% and existing shareholders with a mere 2.5% stake, effectively wiping out most existing equity value. The restructuring aims to prevent insolvency and preserve Argo's Nasdaq listing, though the company will delist from the London Stock Exchange. Argo's Bitcoin output has severely declined due to aging equipment and high energy costs, forcing it to sell its Helios facility. Growler's takeover includes injecting new capital and transferring mining assets to refresh Argo's fleet, shifting the company's capital-market focus entirely to the US.

(Source：Cointelegraph)