Poolin’s $163.7M Debt Hangs on Fragile $52M Texas Sale

Woofun AI reports that Poolin Technology and affiliates entered Chapter 11 on July 22, anchoring their restructuring on two proposed asset sales totaling $52 million tied to West Texas mining sites. The prospective buyer, Thor CALAP LLC, holds the right to terminate either deal if diligence proves unsatisfactory through Aug. 9, a critical window five days before the court's scheduled hearing on the bidding process. Lonestar Dream halted mining and hosting operations at these sites on July 10, with debtors confirming no intention to resume activities, thereby freezing operational cash flow while the legal structure is negotiated.

Per Woofun AI, the filed schedules list no additional assumed liabilities, though Thor may still be required to cover cure costs on selected contracts.

Structurally, the deal faces three distinct hurdles before any distribution can occur. First, Thor must remain committed past the Aug. 9 diligence deadline; second, the court must approve a bidding process that could either validate Thor’s offer or invite competing bids. The prepetition marketing process generated three other indications of interest, leaving room for competition without guaranteeing a superior offer. If the court approves the process, the final price may shift, directly impacting the net proceeds available for distribution.

Recovery uncertainty remains high as wallet creditors await final allocations. The amount available will depend on estate-specific claims, valid liens against net proceeds, transfer taxes, professional fees, administrative costs, and the treatment of Poolin’s intercompany claim. These unresolved variables prevent a responsible recovery percentage estimate, making the Aug. 9 diligence outcome and court approval the primary indicators of potential value realization.