Greenidge negotiated with creditors to reduce the amount of debt
BTC miner Greenidge Generation managed to negotiate with B. Riley and NYDIG about the prospect of restructuring the debt on existing loans. As a result, the amount was reduced by $61 million.
The arrangements with NYDIG included the transfer of cryptocurrency mining capacity and full 2.8 EH/s of infrastructure. It brought the debt down to $17 million, with the prospect of even more reductions to be considered. Also, within three months, the lending company will take ownership of a new data center. As for the BTC miner, it will retain 10k units.
The debt to the bank has been reduced by $2 million. Investbank will buy $1 million worth of bitcoin miner shares, which are priced below the market price.
Greenidge needs liquidity and is selling facilities located in South Carolina to get it, expecting that the deal could result in up to $7 million, which will go toward paying off debt.