RATE Group | Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions
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Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions

21 Nov Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions

Posted at 15:04h in Bitcoin News by

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U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.

The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk.

Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.

Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents.

“The corporation is insolvent and unable to pay its debts when due,” read the minutes of a special meeting of the shareholders of Giga Watt, which was held on Nov. 18. “The corporation and its creditors would best be served by reorganization of the corporation under Chapter 11 of the Bankruptcy…

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