PwC Pursues Australian Mining Firm IREN Over $105 Million Debt Dispute

Audit firm PwC is taking legal action against Australian mining company IREN over a $105 million debt dispute. The co-founders of IREN could be compelled to undergo examination as part of the investigation.

In 2021, IREN secured a $105 million loan from NYDIG to purchase 35,000 S19 mining rigs. Two of IREN’s special-purpose vehicles failed to meet loan obligations, leading to a default in November 2022.

PwC, appointed as trustee of the debtor’s estate, alleges that IREN’s internal deal structures did not allow sufficient profit generation to repay the debt. The legal proceedings aim to recover compensation for creditor NYDIG and may result in a review of IREN’s corporate structure.