B Riley, one of the top lenders to bitcoin miner Core Scientific (CORZ), has proposed a new $72 million financing plan to help the struggling company avoid bankruptcy. “The vast majority of Core Scientific’s issues, in our opinion, are self-inflicted and can be corrected in conjunction with an open, transparent discussion and ongoing participation with its creditors and equity holders,” B Riley said in a statement. The investment bank, which has a $42 million loan with Core, stated that its proposed new financing will be “on favourable terms, providing the company with more than two years of runway to achieve profitability.” B Riley stated that it is ready to fund the first $40 million of the new financing with “zero contingencies.” The remaining funds are conditional on all principal payments to equipment lenders being suspended at bitcoin prices of $18,500 or less.
