Greenidge säkrar ett $74M-omstruktureringsavtal med NYDIG

• Greenidge har säkrat en affär med borgenären NYDIG enligt vilken den senare kommer att minska skulden med cirka $57 miljoner till $68 miljoner.
• The Bitcoin miner “may transfer certain credits, coupons and additional assets to NYDIG, including mining infrastructure.”
• NYDIG kommer att köpa gruvarbetare med cirka 2,8 EH/s gruvkapacitet och Greenidge kommer att ingå ett hostingavtal.
• Styrelsen för kryptogruvföretaget har också engagerat sig i konversationer om en konkursansökan.

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Flera enheter i kryptorymden har kollapsat nyligen, och de befintliga är upptagna med att hitta sätt att rädda sin verksamhet; ett fåtal har till och med gjort affärer med sina borgenärer. En av dem är populär Bitcoin (BTC) gruvföretaget Greenidge, som har bekräftat undertecknandet av ett omstruktureringsavtal med New York Digital Investment Group, som gör affärer som NYDIG. Affären är värd hela $74 miljoner, och NYDIG är en stor borgenär till gruvarbetaren.

Enligt a arkivering with the United States Securities and Exchange Commission (SEC), Greenidge has reached an agreement with its creditor NYDIG, and if the deal has been approved, we might see the bitcoin miner restructured into a hosting firm for Bitcoin mining rigs so that it is able to continue its operations. This confirms that the crypto mining industry has also been severely affected by the collapse of the world’s largest crypto coin.

As per a press release, a “non-binding term sheet” worth $74 million in debt have been signed by Greenidge and NYDIG, which would allow the latter to köpa gruvarbetare with approximately 2.8 EH/s of mining capacity, and the miner “would enter into a hosting agreement with NYDIG for approximately 2.8 EH/s of mining capacity,” resulting in “a material change” to it’s current business strategy.

“Greenidge may transfer certain credits, coupons and additional assets to NYDIG, including mining infrastructure awaiting deployment at potential mining sites, contingent upon Greenidge facilitating for NYDIG rights to a mining site within three months following the completion of debt restructuring and hosting agreements,” stated the release.

It is crucial to note that in exchange for the purchased mining rigs and transfer of mining infrastructure and credits, NYDIG will reduce approximately $57 to $68 million of debt. Moreover, the fintech firm will “retain ownership of miners with a capacity of 1.2 EH/s” while the BTC miner will be “pledging substantially all of its unencumbered assets to NYDIG to secure the remaining balance of the loan.”

Greenidge likviditetsuppdatering

As per the release, the current situation of Greenidge’s financial condition is uncertain, and there is also “substantial doubt about its ability to continue.” The firm revealed that its cash burn rate was $8 million in the past two months of which $5.5 million went to its creditor, NYDIG. The firm expects a similar cash burn rate in the coming days of December as well.

Bitcoin-gruvarbetaren bekräftade att företagets styrelse har engagerat sig i konversationer angående en konkursansökan i fall där: (1) potentiella likviditetskällor är uttömda; (2) det inte uppfyller något av sina väsentliga kontrakt; och (3) det tillgängliga kapitalet gör det inte möjligt för företaget att uppfylla sina förpliktelser när de förfaller.

“The Company [Greenidge] continues to actively explore raising additional equity capital and to engage in discussions with its lenders. The Company is considering various alternatives in connection with its wholly owned subsidiary, Support.com, including the disposition of assets and other transactions,” stated the release.

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