Core Scientific Intends to Borrow $70M from Investment Bank B. Riley
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Bankrupt crypto mining company Core Scientific has just reached a deal with investment bank B. Riley for a $70 million loan.

The company has reportedly sought approval for the loan from the Bankruptcy Court for the Southern District of Texas in Houston. The company expects to use the financing to repay an existing $75 million line of credit extended by the company's major shareholders.

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According to the company, the funds will allow it to maintain operations for 15 months and will provide it with "significant flexibility."

Notably, the B. Riley loan is secured by "all properties and assets" of the borrower, including a mining operation in North Carolina. The annual rate is 10% and the maturity is one year with a three-month grace period.

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Core Scientific warned in October last year of a possible depletion of its liquid reserves in the coming months.

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