Bitcoin (BTC) miner Greenidge Generation has entered into a $74 million debt restructuring agreement with crypto lender NYDIG, according to a Dec. 20 SEC filing.
The restructuring — which is expected to improve Greenidge’s future liquidity and balance sheet — is based on a non-binding term sheet that was entered into on Dec. 19.
In exchange for a substantial number of its miners, transfer credits and coupons that have accrued to Greenidge under its non-fixed price purchase contracts with Bitmain Technologies.
According to the filing, the lender would acquire 2.8 EH/s per second of mining equipment that Greenidge would host. The deal would eliminate approximately $57 to $68 million of its debt.
Meanwhile, the BTC mining firm would retain ownership of 1.2 EH/s of the mining equipment. Greenidge will also transfer its acquired mining infrastructure that is awaiting deployment at potential mining sites within three months following the completion of the debt restructuring and hosting
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