Court docket permits Core Scientific to borrow $70M to switch current mortgage

Core Scientific has obtained permission from the chapter court docket for the Southern District of Texas to take out a mortgage of as much as $70 million from funding financial institution B. Riley, one of many firm’s greatest collectors. The mortgage can be used to repay the bankrupt miner’s current debtor-in-possession (DIP) financing mortgage, which additionally got here from B. Riley.

Core Scientific acknowledged its intention of changing its authentic DIP mortgage upfront at first of its Chapter 11 chapter course of, saying it could discover higher phrases with extra flexibility. The corporate is searching for to make use of $35 million to switch the unique mortgage, with the remaining funds to be out there in a number of further borrowings.

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