Argo Blockchain recently announced that it failed to make a scheduled interest payment on its outstanding bonds, which was due on July 31, 2025. The company has entered a 30-day grace period, which will conclude on August 30, 2025.
The announcement came as part of a broader update on the proposed recapitalization plan aimed at addressing the firm’s short and medium-term capital requirements. This plan has been set forth for approval by the High Court of England and Wales.
The initial recapitalization announcement was made on June 30, 2025, where the company conveyed the need for restructuring to meet its financial obligations. Ongoing negotiations for a loan with Growler remain in progress, but as of now, the loan has not yet been executed or funded.
It is anticipated that a court hearing for the proposed plan could take place in late October 2025. If the plan is approved by the court, the effective date for the restructuring could be set for early to mid-December 2025. Should Growler’s loan conversion go ahead, combined with the anticipated contributions of crypto mining assets and cash funding, it is estimated that Growler could hold at least 80% of the newly issued shares. The exact share distribution will depend on various factors, including the value of the loan, the contributed assets, and any additional capital provided by Growler.
In terms of creditor compensation, bondholders are expected to receive equity in the recapitalized entity in exchange for their debt, while existing equity holders may retain their interests, albeit with potential dilution due to issuances made to bondholders and Growler.
However, it is important to note that there is no guarantee that any definitive agreements related to the proposed plan will be finalized or that it will ultimately be realized. If the plan does not go through, the company’s alternatives may involve pursuing formal insolvency proceedings across jurisdictions including the United Kingdom, United States, and Canada, although the timing of these actions remains uncertain.