Core scientific name as a new CFO after exiting bankruptcy as former Morgan Stanley Banker.
Bitcoin (BTC) Mining Giant Core Scientific has appointed former investment banker Jim Nygard as its new Chief Financial Officer after the company’s emergence from chapter 11 bankruptcy. Nygaard replaced Dennis Sterling, who played an important role in leading the company through bankruptcy and helped over $ 1 billion as of February 1. Press release,
With an experience of nearly 30 years in investment banking, focusing on merger and acquisition, corporate finance, and capital raising, Nygaard has been a managing director in the XMS Capital Partners since 2008. Earlier, he spent more than a decade in Morgan Stanley, which advises companies on major deals and development strategies.
As a major digital infrastructure provider for high-demonstration computing, we believe that the deep background of the gym in the corporate finance and M&A will help us continue our operations. His proven ability to run development and shareholder value will be an invaluable asset during this important phase of our development. ,
Core Scientist Center Executive, Adam Sulivan
From bankruptcy to rebound
In December 2022, chapter 11 became a Sterling CFO shortly before the core scientific was filed for bankruptcy. She will remain with core scientific till 1 May to ensure “seamless infection”, the company said. Following this news, core scientific share rose 4.57% on pre-market trading.
Core Scientific filed in December 2022 for the Southern District of Texas for chapter 11 bankruptcy, which faced liquidity crisis due to several factors, including deteriorating financial performance and bankruptcy of Celsius mining, its biggest hosting customers.
Despite filing for bankruptcy, the core scientific continued its bitcoin mining operation during the reorganization process. The company later financial firm B. Received a $ 70 million debt-in-pose loan from the relay, which helped it to remain and eventually get out of bankruptcy.
