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Published on 12/29/2022 in the Prospect News Distressed Debt Daily.

Core Scientific clarifies exit fee payment on DIP facility

Chicago, Dec. 29 – Core Scientific, Inc. filed a modified debtor-in-possession credit agreement with clarifications and non-material corrections, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The most significant change related to the 3% exit fee, or the termination payment related to the roll-up loans.

As previously reported, the payment would be paid in kind. However, in the event of an acceptable exit roll transaction, the fee will be paid in cash.

Core Scientific was granted access to $37.5 million of its DIP facility at a hearing on Dec. 23.

Core Scientific is an Austin, Tex.-based bitcoin mining company. The company filed bankruptcy on Dec. 21 under Chapter 11 case number 22-90341.


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