{"id":71857,"date":"2022-12-23T10:54:39","date_gmt":"2022-12-23T08:54:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71857"},"modified":"2025-09-08T11:30:51","modified_gmt":"2025-09-08T08:30:51","slug":"core-scientific-gains-access-to-37-5-million-loan-from-creditors","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/core-scientific-gains-access-to-37-5-million-loan-from-creditors\/","title":{"rendered":"Core Scientific gains access to $37.5 million loan from creditors"},"content":{"rendered":"

A bankruptcy court approved Core Scientific’s access to a loan of $37.5 million from existing creditors. The funds will be used to address liquidity problems, according to Reuters<\/a>.<\/p>\n

On December 21, one of the largest US mining companies filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code. The firm said it would continue operations and expects to reorganize the business on the basis of agreements with holders of 50% of the total value of the convertible notes.<\/p>\n

According to the statement, the group of creditors agreed to provide the debtor with a $56 million credit line and approved the allocation of a $19 million syndicated loan.<\/p>\n

According to Reuters, the company intends to file an application for access to the remaining portion of the debt financing in January 2023.<\/p>\n

In October, Core Scientific warned of a possible depletion of cash reserves<\/a> and their equivalents by year-end. The company cited the decline in the price of Bitcoin, higher electricity tariffs and growth in hash rate<\/a>. Pressure on liquidity was also driven by legal costs and the bankruptcy of the hosting’s largest client \u2014 Celsius Network<\/a>.<\/p>\n

In December, one of the major creditors \u2014 B. Riley \u2014 proposed allocating $72 million<\/a> on ‘favorable terms’ to stave off bankruptcy. The plan envisaged a particular scheme for creditor payment deferrals.<\/p>\n

For the third quarter the company recorded a loss of $434.8 million<\/a>. Since the start of the year the cumulative figure stood at $1.71 billion. At period end assets were $1.4 billion and liabilities $1.33 billion.<\/p>\n

In November, one of the shareholders filed a class-action lawsuit<\/a> against Core Scientific. He argued that the company concealed adverse financial factors.<\/p>\n

Read ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

A bankruptcy court approved Core Scientific’s access to a $37.5 million loan from existing creditors. The funds will be used to address liquidity problems, according to Reuters.<\/p>\n","protected":false},"author":1,"featured_media":71858,"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":[1300,1271,1137],"class_list":["post-71857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-core-scientific","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71857"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71857\/revisions"}],"predecessor-version":[{"id":71859,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71857\/revisions\/71859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71858"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}