Core Scientific debtors petitioned the bankruptcy court to approve the new president.
Borrowers appointed Adam Sullivan, managing director of investment banking firm XMS Capital Partners, to assume the role of chairman during the firm’s bankruptcy proceedings.
Core Scientific Creditors Apply to Approve New President
Creditors of bankrupt cryptocurrency mining company Core Scientific have filed a request to approve the hiring of a permanent chairman.
Core Scientific said in an April 10 filing with the United States Bankruptcy Court for the Southern District of Texas that it had addressed “a void in the debtors’ management team” before the company filed for bankruptcy in December 2022.
Borrowers have appointed Adam Sullivan, a managing director at investment banking firm XMS Capital Partners, to assume the role of chairman during the company’s bankruptcy proceedings.
The following was written in the application text:
“Sullivan is no stranger to the digital asset mining field and has extensive experience in the digital asset investment banking industry. As a member of the management team, he will work primarily on financial and strategic issues, including working with customer, supplier and creditor relations and helping to negotiate a restructuring plan.”
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