CandleFocus Crypto miner Mawson pushed into bankruptcy court by creditors
2024-12-05
Author: Content Editor
Mawson Infrastructure Group, a company that builds data centers for Bitcoin miners, is facing a Chapter 11 petition from creditors in Australia. The creditors claim the company owes over AUD 13.5 million and want to push it into bankruptcy. Mawson's stock surged after confusion arose about whether the company had already filed for bankruptcy, but the company clarified that it expects to continue operating as usual. The battle with creditors is also complicated by allegations that a former executive and board member, James Manning, has questionable ties to one of the creditors pursuing the Chapter 11 case. Manning's ties to another company, Vertua Property Inc., are also under scrutiny as Mawson has filed a complaint against Vertua for breaching contracts and interfering with its business relationships. Mawson believes the Chapter 11 petition is part of a strategy to pressure it during ongoing litigation.
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