Compute North CFO: Dispute with Generate Capital Leads to Funding Chain Breakdown

According to Chain Catcher, The Block reported that Compute North's Chief Financial Officer Harold Coulby stated that Generate Capital provided a $300 million loan to Compute North in February of this year and took control of Compute North's business in July using contractual terms. Compute North still has $100 million in unpaid loans.

Harold Coulby mentioned that while the company is seeking funds through asset sales and other financing options, it may not be able to meet the time constraints for an out-of-court restructuring.

Chain Catcher previously reported that Compute North has filed for Chapter 11 bankruptcy protection in a U.S. federal court and was sued by NBTC for failing to return a $1.4 million deposit prior to filing for bankruptcy. (The Block)