Key Points:
When the price of Bitcoin (BTC) fell last year, Core Scientific, which recently filed for Chapter 11 bankruptcy, struggled to repay its obligations.
In August 2021, BlackRock acquired $38.2 million in convertible notes from Core Scientific. Contrarily, according to the documents, Apollo bought $22.5 million worth of convertible notes in April 2021 and another $10.9 million in August 2021.
Ibex Investors, which acquired convertible notes for $97.9 million from Core Scientific in April 2021, was the biggest creditor. In the same month, the miner raised $61.7 million and $37.6 million from ICG Advisors and Kensico Capital Management, respectively, using convertible notes.
The miner received additional payments from Kensico, Marsico, and Massachusetts Mutual Life Insurance Company totaling $43.6 million in August (MMLIC). In the same month, the miner sold convertible shares to Toroso Investments, Jordan Park Group, and Sabby Volatility Warrant Master Fund for amounts of $28.9 million, $31.1 million, and $2.7 million, respectively.
Many of these creditors also provided Core Scientific with debtor-in-possession (DIP) loans, allowing the miner to keep functioning despite filing for bankruptcy.
The defunct miner received DIP loans from Ibex, BlackRock, and Apollo totaling $10.1 million, $17 million, and $6.1 million, respectively. According to the documents, MMLIC, Sabby, Jordan, and Corbin collectively provided another $24 million in DIP loans.
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