Argo's largest creditor Growler Mining will take over the mining company through a debt-to-equity swap.

ChainCatcher reported that Growler Mining, the largest creditor of crypto mining company Argo Blockchain, will take over the company through a "debt-to-equity swap," with existing shareholders retaining only a very small proportion of shares. According to restructuring documents submitted under the UK Companies Act, Growler will convert approximately $7.5 million of secured loans into equity and inject new capital in exchange for 87.5% of Argo's equity after restructuring. Holders of Argo's approximately $40 million unsecured bonds will collectively receive 10% of the shares, while original shareholders will retain only 2.5%. The restructuring plan, named "Project Triumph," aims to avoid bankruptcy and maintain the company's Nasdaq listing status.