Bitcoin miner Iris Energy (IREN) said on Monday that it is facing claims from its lenders that it has defaulted on $103 million in equipment loans held by two special purpose vehicles (SPVs). According to documents filed with the U.S. Securities and Exchange Commission on Monday, the creditors sent a notice of default to the miner on November 4. The documents stated that because Iris failed to participate in such discussions, the creditors claimed that it had defaulted on payments originally scheduled for October 25. Given this, the creditors hope to trigger an acceleration clause that requires immediate payment of the entire principal and accrued interest.
Iris Energy said that as of September 30, the principal amounts of the two loans in question were $32 million and $71 million, respectively, secured by mining machines with 1.6 EH/s and 2.0 EH/s. The debt is held by two wholly owned non-recourse SPVs, which means that in the event of a default, the lender will not be able to deduct any assets other than Iris Energy's collateral. (CoinDesk)
