Argo Blockchain PLC, In the Matter Of [2025] EWHC 3395 (Ch) (23 December 2025)

Argo Blockchain PLC, In the Matter Of [2025] EWHC 3395 (Ch) (23 December 2025)

The Plan is sanctioned under Part 26A of the Companies Act 2006. The Noteholders' meeting was not valid in the strict legal sense, requiring the use of cross-class cram down powers. All statutory requirements are satisfied, including the 'no worse off' test. The Plan is fair, provides a better outcome than administration, and the allocation of benefits and burdens is reasonable. The process was procedurally sound, and the Plan is likely to be recognised in the US. The Court exercises its discretion to sanction the Plan.

Citation
[2025] EWHC 3395 (Ch)
Parties
Plan Company: Argo Blockchain plc; Supporting Creditor: Growler Mining Tuscaloosa, LLC; Retail Advocate: Mr Jonathan Yorke
Jurisdiction
England and Wales
Judgment Date
23 December 2025
Procedural Posture
Restructuring Plan Sanction Application / Sanction Hearing
Outcome
Plan sanctioned
Legal Topics
Restructuring Plan, Cross Class Cram Down, Shareholder Dilution, Scheme of Arrangement, Administration Alternative
Corporate Law Insolvency Law Restructuring Plan Cross Class Cram Down Shareholder Dilution Scheme of Arrangement Administration Alternative

Case Brief

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Parties

Argo Blockchain plc

Plan Company

Growler Mining Tuscaloosa, LLC

Supporting Creditor

Mr Jonathan Yorke

Retail Advocate

Procedural Posture

Restructuring Plan Sanction Application / Sanction Hearing

Legal Issues

  1. 1 Whether the Plan should be sanctioned under Part 26A of the Companies Act 2006
  2. 2 Whether the statutory requirements for cross-class cram down are satisfied
  3. 3 Whether the Noteholders' meeting was valid in law

Ratio Decidendi

The Plan is sanctioned under Part 26A of the Companies Act 2006. The Noteholders' meeting was not valid in the strict legal sense, requiring the use of cross-class cram down powers. All statutory requirements are satisfied, including the 'no worse off' test. The Plan is fair, provides a better outcome than administration, and the allocation of benefits and burdens is reasonable. The process was procedurally sound, and the Plan is likely to be recognised in the US. The Court exercises its discretion to sanction the Plan.

Court Disposition

Plan sanctioned

Orders

  • The restructuring plan of Argo Blockchain plc is sanctioned under Part 26A of the Companies Act 2006.
  • The Plan Company is authorised to proceed with the Plan Steps, including equity allocations, asset transfers, and LSE delisting.