A Texas judge is set to approve a $70 million lifeline for bankrupt bitcoin miner Core Scientific, while giving a group of stockholders the chance to form an official committee to represent them in the procedure. egreechee reports
The federal judge overseeing bitcoin miner Core Scientific's Chapter 11 bankruptcy process indicated he will approve a $70 million loan from B. Riley Commercial Capital that will help the company get back on its feet.
Judge David Jones of the Southern District of Texas also said during a hearing Wednesday he would agree to a group of stockholders' request to form an official committee to represent their interests in the case, pending a budget for the committee., after months of a sustained crypto market downturn couple with high energy prices pounding its bottom line. As of the end of November, prior to the bankruptcy, Core Scientific's debts included $552.
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