Argo's largest creditor Growler Mining will take over the encryption mining company through "debt-to-equity conversion".

On October 21, according to Cointelegraph, Argo Blockchain's largest creditor Growler Mining will take over the struggling encryption mining company through a “debt-to-equity” swap, leaving existing shareholders with only a tiny portion of the company's shares. According to restructuring documents filed under UK company law, Growler will convert approximately $7.5 million of secured loans into equity and provide new funding in exchange for 87.5% of Argo's shares after restructuring. Holders of Argo's $40 million unsecured bonds will collectively receive 10% of the shares, while existing shareholders will retain only 2.5% of the shares. This restructuring plan, conducted under court supervision and named “Project Triumph,” aims to avoid the company's bankruptcy and preserve its Nasdaq listing status.