BlackRock, Apollo, and others provided approximately $500 million in loans to the bankrupt Bitcoin mining company Core Scientific

2023-01-25 18:20:50

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ChainCatcher news, according to a court document cited by BNN Bloomberg, creditors including BlackRock and Apollo Global Management provided approximately $500 million in loans to the bankrupt Bitcoin mining company Core Scientific Inc. by purchasing convertible notes.

The court documents show that BlackRock acquired $38 million in convertible notes through its subsidiary in August 2022, while Apollo purchased $22.6 million and $11 million in convertible notes in April and August, respectively. These two asset management companies also provided $17 million and $6 million loans to Core Scientific's debtors, allowing them to continue operations during bankruptcy.

It is reported that other holders of such notes include investment firms Ibex Investors, Gullane Capital, ICG Advisors, and MassMutual. In addition to convertible notes, Core Scientific also borrowed hundreds of millions from cryptocurrency lenders through loans backed by its computing equipment. (Source link)

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