Why did compute North file a Chapter 11 bankruptcy?

The decision to file a Chapter 11 bankruptcy now was forced on the company mainly by the actions of its primary lender, Generate Lending LLC, an affiliate of Generate Capital, according to a court declaration filed by Compute North’s chief financial officer and treasurer, Harold Coulby.

What happened to compute North?

Compute North Holdings Inc., which provides data center services for cryptocurrency miners and blockchain companies, filed for bankruptcy in Texas on Thursday.

How much money does compute North owe?

Generate took action in order to preserve the value of its collateral, Marcus said. Compute North owes as much as $500 million to at least 200 creditors. The company’s assets are worth between $100 million and $500 million, according to its court petition.

Where is compute North located?

Compute North has four facilities in the U.S. – two in Texas and one in both South Dakota and Nebraska, according to its website. Some of the company's partners include Marathon Digital (MARA), where Compute North has brought online 40 megawatts (MW) of a 280MW wind-powered facility at its Upton County in West Texas.