Loan to Allow Core Scientific to Temporarily Continue OperationsTotal Loan Amount of $75MMining Company Receives Temporary Approval for a $37.5M Loan from Lenders for Funding Amid Liquidity Challenges. On Dec. 21, Core Scientific filed for bankruptcy due to rising electricity costs, declining revenues, and a drop in the price of BTC. A loan to Core Scientific was provided by a group of lenders that owns its bonds. The total loan amount is $75 million. The company will receive $37.5 million up front to cover its electricity costs, and will request the second part in January. One of the creditors, Chris Hansen, said he believes in a good future despite all the difficulties. Core Scientific published a report for the third quarter. It stated that the firm had a loss of $434.8 million.. But at the end of 2022, losses increased significantly and reached $1.71 billion.. The company also said that if there is no new investment, then bankruptcy awaits it. Despite the fact that this year it was mined twice as much BTC than last year, financial difficulties continue.. By the way, the largest lender Core Scientific B. Riley also provided $72 million to rescue the company.
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Core Scientific received a loan of $37.4 million
