One of struggling bitcoin miner Core_Scientific’s top lenders wants to give the company $72 million in financing to avoid bankruptcy. By Aoyon_A
Investment bank B Riley, one of bitcoin miner Core Scientific's top lenders, has proposed a new $72 million financing"In our opinion, the vast majority of Core Scientific's issues are self-imposed and can be corrected in conjunction with an open, transparent discussion and ongoing participation with its creditors and equity holders,".
B Riley said it is prepared to fund the first $40 million of the new financing immediately, with"zero contingencies." The remainder of the financing is contingent on all principal payments to equipment lenders being suspended at bitcoin prices of $18,500 and below. Above that threshold, however, free cash flow from operations will be distributed to equipment lenders.
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