A U.S. bankruptcy judge on Tuesday approved Core Scientific’s Chapter 11 restructuring, allowing the bitcoin mining company to cut $400 million in debt and emerge from bankruptcy by the end of January.

U.S. Bankruptcy Judge Christopher Lopez approved the company’s plan at a court hearing in Houston, Texas, saying it “provides a tremendous recovery for both unsecured creditors and equity holders” who typically fare poorly in bankruptcy.

Core Scientific was one of several cryptocurrency companies, along with major crypto exchange FTX and cryptocurrency lenders Celsius Network and Voyager Digital, that filed for bankruptcy in 2022.

Core Scientific said that “favorable developments in the cryptocurrency and power markets” allowed it to emerge from the crisis better than expected. Since the company filed for bankruptcy in December 2022, the price of bitcoin has risen from $16,900 to $43,000.

Core Scientific expects to re-list its shares on the Nasdaq exchange. Existing shareholders retained about 60% of the company’s shares after the bankruptcy, the company said in a statement released Tuesday.

Core Scientific “mines” new bitcoins using high-powered computers, and it spent heavily on new equipment before facing setbacks in 2022, including a sharp drop in bitcoin prices, rising energy costs and outages at crypto industry client partners such as Celsius, which owned bitcoin mining computers housed at Core’s facilities.

Celsius was one of Core Scientific’s largest customers before the two companies went bankrupt, and its inability to pay a $7 million energy bill for mining helped Core Scientific enter Chapter 11.

Core Scientific said a successful restructuring will allow the company to save 240 jobs. The debt reduction will save it $60 million in annual interest costs.