A group of creditors including BlackRock and Apollo Global Management provided about $500 million in loans to bankrupt bitcoin mining company Core Scientific Inc. by purchasing its secured convertible notes, a court document showed.
BlackRock acquired $38 million of convertible notes in August 2022 through funds and accounts managed by its subsidiaries, while Apollo purchased $22.6 million and $11 million of convertible notes in April and August, respectively. The two asset managers also provided Core Scientific with $17 million and $6 million, respectively, in debtor-in-possession loans to enable it to continue operating during bankruptcy.
Other holders of the notes include investment firms Ibex Investors, Gullane Capital, ICG Advisors and MassMutual. Ibex Investors, the largest creditor, provided Core Scientific with nearly $98 million in loans in April 2022 by purchasing notes and committed to provide another $10 million to its DIP loan. In addition to convertible notes, Core Scientific has also borrowed hundreds of millions of dollars from cryptocurrency lenders through loans backed by its computing equipment. (bloomberg) #Binance, #ETH, #BNB
