Growler Mining, Argo Blockchain's largest lender, is taking control of the troubled crypto miner through a debt-for-equity swap that leaves existing shareholders with only a small stake in the company. Growler will convert around $7.50 million in secured loans and provide fresh capital in exchange for an 87.5% recapitalized stake in Argo, according to a restructuring proposal filed under UK company law.
Holders of Argo's $40 million unsecured bonds will collectively receive a 10 per cent stake, while existing shareholders will retain just 2.5 per cent. The deal is part of a court-supervised restructuring plan, known as "Plan Victory", to prevent the company from going bankrupt and maintain its Nasdaq listing.
Argo creditor Growler to exchange $7.50 million secured loan for 87.5% recapitalized stake in Argo
2025-10-21 11:03:58
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