Argo Blockchain, a UK-based Bitcoin mining company listed on the London Stock Exchange, has entered a restructuring agreement that will likely see over 80% of its equity acquired by US group Growler Mining.
The firm announced in June that it was seeking a loan and restructuring deal described as “necessary to avoid an uncontrolled insolvency and liquidation”.
The plan, now largely agreed, will see Growler provide a loan facility of up to $7.5m (£5.5m) to finance the restructuring of the company, which will also likely result in its delisting from the London public markets.
Argo Blockchain is undertaking due diligence processes to determine how much of the company will be offered to Growler, though it is expected to own the vast majority.
“When we announced our proposed Recapitalisation Plan on 30 June 2025, I emphasised that the transaction was the culmination of a months-long process designed to preserve Argo’s operations and maximise value for our stakeholders,” said Argo Blockchain chief executive Justin Nolan.
“These agreements provide the funding and creditor support needed to carry the Recapitalisation Plan through the court process, and they represent another critical step toward delivering a significantly deleveraged balance sheet and a long-term strategic partnership with Growler.”
Argo hope to receive a court sanction for its recapitalisation plan by mid-December this year. It warned if it cannot go ahead with the plan, it may be “required to pursue insolvency proceedings”.