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Poolin files for Chapter 11 and seeks $52 million sale of West Texas sites

The bankruptcy filing estimates liabilities between $100 million and $500 million and asks a New Jersey court to approve a stalking-horse bid from Thor CALAP LLC, with auction bids due Sept. 8.

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Cointelegraph reports that Bitcoin mining pool operator Poolin and two US affiliates filed for Chapter 11 bankruptcy in New Jersey on Wednesday.

As part of a creditor recovery plan, Poolin is seeking court approval to sell two West Texas mining sites to Thor CALAP LLC in a proposed $52 million stalking-horse bid.

The filing breaks out $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including power rights, equipment, and other assets tied to the facilities.

Poolin’s paperwork estimates liabilities of $100 million to $500 million, assets of $1 million to $10 million, and between 10,001 and 25,000 creditors, with a bid deadline of Sept. 8 for a court-supervised auction.

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