{"id":73368,"date":"2023-02-01T10:23:54","date_gmt":"2023-02-01T08:23:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73368"},"modified":"2025-09-09T13:47:14","modified_gmt":"2025-09-09T10:47:14","slug":"bitcoin-miner-core-scientific-to-secure-70-million-loan-from-b-riley","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-miner-core-scientific-to-secure-70-million-loan-from-b-riley\/","title":{"rendered":"Bitcoin miner Core Scientific to secure $70 million loan from B. Riley"},"content":{"rendered":"

In the ongoing bankruptcy proceedings, the mining company Core Scientific reached an agreement with investment bank B. Riley to provide a loan of $70 million.<\/p>\n

The firm sought<\/a> court approval of the loan in the Southern District of Texas Bankruptcy Court in Houston. The financing would allow Core Scientific to pay off an existing $75 million line of credit opened by major shareholders of the company.<\/p>\n

According to the company, the funds would enable it to sustain operations for 15 months and provide it with \\”significant flexibility\\”.<\/p>\n

The loan from B. Riley is secured by \\”all property and assets\\” of the borrower, including the mining operation in North Carolina. The annual rate is 10%, the maturity is one year with a three-month deferment.<\/p>\n

In October 2022, Core Scientific warned<\/a> of the potential depletion of liquidity reserves in the coming months.<\/p>\n

In December B. Riley proposed debt financing<\/a> of $72 million to avoid bankruptcy. The bank at that time was already one of Core Scientific’s largest creditors.<\/p>\n

A few days later the mining company filed for insolvency. The company’s restructuring plan was based on an agreement with holders of 50% convertible notes. The latter agreed to provide additional financing so Core Scientific could continue its operations.<\/p>\n

The company noted that the funds from B. Riley are not tied to any phase of the original restructuring plan.<\/p>\n

\n

\\”The loan also contains reasonable economic terms that are more favorable than those under the previous credit line,\\” said Core Scientific.<\/p>\n<\/blockquote>\n

Earlier in November, one of the shareholders filed a class-action lawsuit<\/a> against the company, alleging that Core Scientific concealed the adverse financial factors that had emerged.<\/p>\n","protected":false},"excerpt":{"rendered":"

Core Scientific, the mining company in bankruptcy proceedings, reached an agreement with investment bank B. Riley to provide a loan of $70 million.<\/p>\n","protected":false},"author":1,"featured_media":73369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1271,1137,1097],"class_list":["post-73368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-core-scientific","tag-cryptocurrency-mining","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73368"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73368\/revisions"}],"predecessor-version":[{"id":73370,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73368\/revisions\/73370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73369"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}