Core Scientific has been given the go-ahead for a $37.5 million loan from creditors to support it through its restructuring process.
) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues.
Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed forIn a public statementon that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its self-mining and hosting operations. The loan comes from a group of creditors called the Ad Hoc Noteholder Group — which holds more than 50% of Core Scientific’s convertible notes — which agreed to provide debtor-in-possession facility commitment loans up to a total of $75 million, according to court filings.that the DIP loan will have a 10% per annum interest rate attached.
Core Scientific will be able to access $37.5 million immediately to keep the lights on, while it intends to apply to access the remaining $37.5 million in January as per a Dec. 23In the initial DIP budget however, it was forecasted to apply for $12.5 million by Jan. 21.The Reuters report also suggests the creditors understand the challenges of the bear market and are looking at a long-term play with Core Scientific.
Kris Hansen, a representative of the creditors, told the news outlet that the existing stakeholders “have faith” in the company’s future despite its recent troubles., Core Scientific reported having $1.4 billion worth of assets and $1.33 billion worth of liabilities as of Sept. 30, showing a tight balance sheet amid the bull market.Notably, the firm reports a loss of $434.8 million in Q3 which when added to losses from the previous two quarters, witht total losses reaching $1.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep miningCore Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for bankruptcy protection.
Les mer »
Bitcoin miner Core Scientific set to file for Chapter 11 bankruptcy protection: CNBCCore Scientific is going to file for Chapter 11 bankruptcy protection in Texas on Wednesday morning, per a CNBC report.
Les mer »
Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcyDespite the bankruptcy filing, Core Scientific will continue its mining operations and has no plans to liquidate
Les mer »
Bitcoin Miner Core Scientific Files for Bankruptcy: ReportThe struggling miner is the first publicly listed company to declare bankruptcy.
Les mer »
Bitcoin miner Core Scientific reportedly filing for Chapter 11 bankruptcyDespite the bankruptcy filing, Core Scientific will continue its mining operations and has no plans to liquidate
Les mer »