Bitcoin miner Core_Scientific is likely to have two new shareholders once it effects its bankruptcy plan: BITMAINtech and Anchorage. egreechee reports.
. The purchase will be funded by $23 million in cash and $54 million in equity in the company once the plan is effective. The transaction reduces Core Scientific's need for new cash by $30 million by paying for the machines partly in equity.
Mass Mutual Asset Finance, Barings, BlockFi, 36th Street Capital Partners and Trinity Capital, which together held about $193 million in loans to Core Scientific as of the Petition date, are expected to opt for secured debt. If secured noteholders vote to accept the plan, they can receive either new secured debt at 75% of the value of their claims or equity. If they don't vote to accept the plan, they will receive their prorated share of secured notes issued by the reorganized firm.
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