Rhodium Creditors Move to End Bitcoin Miner’s Bankruptcy Control

A group of bitcoin miner Rhodium Encore LLC stakeholders asked a judge to end the exclusive period for the company to file its bankruptcy exit plan so other parties can submit a competing reorganization proposal.

Creditors have been “hostages” of Rhodium’s control over the bankruptcy plan process, the ad hoc group said in a June 7 motion in the US Bankruptcy Court for the Southern District of Texas.

The creditors, which are parties that entered into a “simple agreement for future equity,” said they are the largest group of stakeholders because they have contributed about $87 million to Rhodium Enterprises ...