Core Scientific agrees $70M loan facility from B. Riley

• Core Scientific is seeking emergency relief from bankruptcy court to secure an alternative line of credit.
• According to court documents, the miners agreed to a $70 million loan from investment banking firm B. Riley.
• The company will use the funds to pay off existing loans and avoid default.

Core Scientific, a bitcoin mining company that filed for Chapter 11 bankruptcy protection last December, says it has agreed to a $70 million loan from B. Riley Commercial Capital, LLC.

Court Documents Bitcoin Miners submitted On Tuesday, the crypto firm revealed that it is looking to use loan facilities from investment banks to pay off existing Debt Ownership (DIP) facilities.

Core Scientific Seeks Urgent Relief

Minor is seeking emergency relief from the bankruptcy court that it needs by 11:30 am CET on Wednesday 1 February 2023. Original DIP equipment.

The Core Scientific team says, if approved, the first part of the facility will be worth $35 million before the rest follow.Securing a new line of credit from B. Riley will help Minor It is the key to keeping your business running while you go through bankruptcy proceedings.

The last year has been particularly brutal for cryptocurrency mining companies as the crash of the Bitcoin price combined with soaring energy costs hurt their businesses. Core Scientific is one of the largest miners to seek bankruptcy protection as the price of Bitcoin crashes again following the collapse of crypto exchange FTX.

At the time of filing for bankruptcy, Core Scientific disclosed between $1 billion and $10 billion in debt.