[ccpw id="5"]

.

HomeNewsBlackRock Ranks Among Core Scientific's Largest Creditors

BlackRock Ranks Among Core Scientific’s Largest Creditors

-

Investment firm BlackRock is among the largest creditors of Core Scientific, which has filed for bankruptcy.

The bitcoin mining firm filed for Chapter 11 bankruptcy last week.

BlackRock, One of the Biggest Creditors

According to a document submitted to the U.S. Securities and Exchange Commission the other day, the company committed $17 million of the last $75 million loan the mining company received from convertible bond shareholders as part of a previously arranged bankruptcy settlement.

BlackRock had $37.9 million in collateralized convertible bonds as of December 28. Core Scientific went public in a deal with SPAC, a special-purpose acquisition company in which BlackRock serves as the main investor.

Core Scientific’s plans include turning a large portion of its debt into equity with the help of the bankruptcy court. While the firm does not intend to sell any machinery or operating facilities, it does plan to sell operating sites under development.

The company had approximately $1 billion in debt last October, mostly in the form of convertible notes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Silicon Valley Bank (SVB) Statement from ChatGPT CEO!

Sam Altman, CEO of Open AI, the firm behind text-based artificial intelligence (AI) platform ChatGPT, made some striking comments for SVB.

What’s Happening in Ripple (XRP)? It Dropped 15 Percent in a Short Time!

Developments in the Ripple (XRP)-SEC case seriously priced XRP, the 15 percent drop in the last days scared the XRP investor.

Record Level Crypto ATM Goes Offline In March

Last month, 3627 crypto ATMs went offline, marking the biggest monthly ATM drop.

El Salvador Eliminates AI Taxes

El Salvador's President Nayib Bukele presented the law to Congress to abolish taxes on artificial intelligence, technology and software.

Follow us

0FansLike
3,757FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img