Crypto Miner Core Scientific Gets Access to $37.5M from Creditors

The Bankruptcy Court has just allowed miner Core Scientific to access a $37.5 million loan from existing creditors that the company plans to use to solve liquidity problems.

Core Scientific, one of the largest mining companies in the US, filed for insolvency on December 21 under Chapter 11 of the US Bankruptcy Code.

According to the company, it will continue to operate and expects to reorganize the business based on agreements with holders of 50% of the total value of convertible notes.

A group of creditors has allegedly agreed to provide the debtor with a $56 million line of credit and approve a $19 million syndicated loan.

In addition, the company intends to apply for access to the remaining part of debt financing in January.