Argo creditor Growler swaps $7.5 million secured loan for 87.5% equity in Argo's capital restructuring

Jinse Finance reported that Argo Blockchain's largest creditor, Growler Mining, is taking control of the troubled crypto miner through a debt-to-equity swap, leaving existing shareholders with only a small portion of the company. According to a restructuring plan filed under UK company law, Growler will convert approximately $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo's recapitalized equity. Holders of Argo's $40 million unsecured bonds will collectively receive 10% of the equity, while existing shareholders will retain only 2.5%. The transaction is part of a court-supervised restructuring plan (called the "Victory Plan") aimed at preventing the company from going bankrupt and maintaining its Nasdaq listing.