A bankruptcy court in the United States has granted Bitcoin miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund its operations in the face of liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the United States, but it declared Chapter 11 bankruptcy on December 21 due to rising energy costs, declining revenue, and a decline in the price of BTC in 2022. According to court filings, the loan comes from a group of creditors who own more than 50% of Core Scientific’s convertible notes and agreed to provide debtor-in-possession (DIP) facility commitment loans totaling $75 million. The firm’s application was approved on December 22, and the DIP loan will have an annual interest rate of 10%.
