ARGO Blockchain Plc (Lon: ARB) today provided an update on the proposed recapitalization.
On June 30, 2025, Argo announced a proposed recapitalization through a plan to be punished by the Supreme Court of England and Wales or other court in England and Wales of the competent jurisdiction to resolve its short -term needs.
The company today confirmed that it did not make the planned interest payment of pending bonds due on July 31, 2025, which is subject to a 30 -day grace period expiring on August 30, 2025.
Negotiations on the terms of the loan with the Growler remain ongoing and the loan has not been executed or funded to date.
It is expected that the first hearing of the Court for the Plan will take place at the end of October 2025 and if it was subsequently approved by the Court at a further court hearing, that the date of entry into force of the plan will be in early December 2025.
After converting his loan (if applicable) and the contribution of the Growler of Crypto Mining and other relevant assets/cash financing to the Argo Group in an amount to be determined, which will result from Growler will remain that the bond will receive the assets, which will result in the asset that will have the assets that will have the assets. ARGO Group in return for debt and that today’s shareholders will maintain their existing interests (although they are subject to dilution with versions of bonds and increasing) in the rest of the share capital.
There can be no assurance that any definitive agreements on the plan will be signed or that the plan will be completed.
If the plan is not completed, Argo and its subsidiaries will seek other alternatives, which may include formal insolvency procedures in the United Kingdom, the United States and Canada, which remains uncertain.