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Core Scientific’s Lender Offers Firm $72M to Prevent Bankruptcy

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Core Scientific's Lender Offers Firm $72M to Prevent Bankruptcy

Core Scientific’s creditors, B. Riley Financial, has offered the crypto mining giant a $72 million non-cash payment as the company is trying to prevent bankruptcy.

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In a press release, the creditor said that the deal was proposed on «favorable terms,» providing the company with enough capital to achieve profitability. B. Riley Financial said:

«This is a far superior approach for all constituents, one that would avoid bankruptcy while preserving meaningful value for all of Core Scientific’s stakeholders.»

Currently, Core Scientific has around $300 million worth of equipment and other loans. The creditor claims that these loans were made when the price of bitcoin (EXANTE: Bitcoin) was «significantly higher than it is today and the theoretical payoff on miners was significantly faster.»

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B. Riley Financial also believes that Core Scientific’s debts are the result of an aggressive, «ill-conceived strategy» focused on building out power facilities and expand miners while never selling bitcoin on balance sheet.

The parties are yet to discuss the proposal.

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Источник: ru.ihodl.com

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