Troubled Core Scientific miner will receive $37.5 million in loans
Ad Hoc Noteholder Group will immediately send $37.5 million to troubled miner Core Scientific, and the total amount of the loan could reach $75 million.
After filing for bankruptcy, the largest U.S. mining company announced intentions to undergo a swift restructuring process, while continuing to mine cryptocurrencies and provide hosting services. The funds will be provided at 10% per annum and collateralized property (DIP).
A Reuters report said that the first part of the loan would be received immediately and the second part in January. However, according to the original version, the amount in January was smaller, at $12.5 million.
Source: Reuters
We can also deduce from the Reuters report that the lenders are aware of the challenges facing the company and the market as a whole, so they are determined for long-term engagement.
Chris Hansen, a spokesman for the lenders, said the company’s recent problems don’t stop it from having faith in its future.
