Argo’s creditor grabs 87.5% stake in struggling miner in bold takeover move
Argo Blockchain will delist from the London Stock Exchange after its main creditor, Growler Mining, seized control through a debt-for-equity swap.
Argo Blockchain’s largest lender, Growler Mining, is taking control of the embattled crypto miner through a debt-for-equity swap that leaves existing shareholders with just a small stake in the company.
The restructuring, filed under the UK Companies Act, revealed that Growler will convert about $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo’s recapitalized equity.
Bondholders of Argo’s $40 million unsecured notes will collectively receive 10%, while current shareholders will retain only 2.5%. The deal, part of a court-supervised restructuring plan dubbed Project Triumph, is designed to prevent insolvency and preserve the miner’s Nasdaq listing.
