Core Scientific Stockholders Seek Formal Bankruptcy Committee

A group of Core Scientific Inc. shareholders wants to form an official committee in the Bitcoin miner’s bankruptcy, arguing stockholders are likely owed recoveries, according to a letter seen by Bloomberg News.

The committee, if appointed, would have its legal and other professional fees paid for by Core Scientific. Such committees are not often formed in bankruptcy because stockholders typically recover nothing.

The company didn’t immediately respond to an email seeking comment.

The case of Core is unusual in that a tentative restructuring deal struck with some creditors prior to bankruptcy calls for recoveries to shareholders. The stockholder group cites ...