Court permits Core Scientific to borrow $70M to replace existing loan By Cointelegraph

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Court permits Core Scientific to borrow $70M to replace existing loan

Published Jan 31, 2023 04:55PM ET Updated Jan 31, 2023 07:00PM ET

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Court permits Core Scientific to borrow $70M to replace existing loan

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Core Scientific has received permission from the bankruptcy court for the Southern District of Texas to take out a loan of up to $70 million from investment bank B. Riley, one of the company’s biggest creditors. The loan would be used to pay off the bankrupt Bitcoin miner’s existing debtor-in-possession (DIP) financing loan, which also came from B. Riley.

Core Scientific stated its intention of replacing its original DIP loan in advance at the beginning of its Chapter 11 bankruptcy process, saying it would find better terms with more flexibility. The company is seeking to use $35 million to replace the original loan, with the remaining funds to be available in one or more additional borrowings.

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