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Core wrote in the filing that exchanging the mining rigs in return for “the full extinguishment of the NYDIG Debt will bring substantial benefits to the Debtors and their estates” because these particular machines are “no longer necessary for the Debtors’ current operations and future business plans” and because “the principal of the NYDIG Debt exceeds the value” of the machines. The deal must now be approved by the bankruptcy court.
According to a CNBC report, Core Scientific’s operations continued to generate positive cash flow, but it was insufficient to service the debt that the company took on to lease mining equipment. The company estimated their liabilities to be between $1 billion and $10 billion, and they have between 1000 and 5000 creditors.
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Source: CryptoAmb - 🏆 22. / 68 Read more »