Core Scientific raised $500M from BlackRock, Apollo and others

BlackRock and Apollo Capital Management were amongst the group of lenders that lent $500 million to defunct crypto miner Core Scientific, court filings show.Core Scientific, which submitted for Chapter 11 personal bankruptcy last month, grew its organization by raising enormous financial obligation and faltered on the loans when Bitcoin (BTC )rates sunk last year.BlackRock acquired$ 38.2 million convertible notes from Core Scientific in August 2021. Apollo, on the other hand, bought $22.5 million worth of convertible notes in April 2021, and another $10.9 million in August 2021, based on the filings.The largest lender was Ibex Investors, which bought $97.9 million worth of convertible notes

from Core Scientific in April 2021. The very same month, the miner used convertible notes to raise$61.7 million and$ 37.6 million from ICG Advisors and Kensico Capital Management, respectively.In August, the miner bagged another $4.3 million from Kensico,$23.5 million from Marsico, and $43.6 million from Massachusetts Mutual Life Insurance Company(MMLIC). The very same month, the miner sold convertible shares worth$28.9 million, $31.1 million, and $2.7 million to Toroso Investments, Jordan Park Group, and Sabby Volatility Warrant Master Fund, respectively.Core Scientific also raised $15.29 million through convertible notes from Corbin Capital Partners, the filings show.Many of these financial institutions likewise extended debtor-in-possession(DIP)loans to Core Scientific, which enabled the miner to continue running throughout bankruptcy.Ibex, BlackRock, and Apollo supplied$10.1 million,$17 million,

and$ 6.1 million, respectively, in DIP loans to the defunct miner. MMLIC, Sabby, Jordan, and Corbin cumulatively extended another$24 million in DIP loans, the filings show.Posted In: U.S., Bankruptcy, Mining Recent Bankruptcy Stories CryptoSlate Wrapped Daily: Genesis files for personal bankruptcy; Cardano creator desires CoinDesk Mike Dalton · 5 days back · 3 min read DCG reacts to Genesis insolvency; Bitcoin jumps 4% as contagion worries minimize Liam ‘Akiba’ Wright · 5 days ago · 2 minutes checked out