Bitcoin Miner Iris Energy Faces Default Claim on $103M of Equipment Loans

Bitcoin Miner Iris Energy Faces Default Claim on $103M of Equipment Loans

The explanation for the discover of default, which the lender despatched to the miner on Nov. 4, is that the corporate failed to interact in “good religion restructuring discussions” for the debt in query, in accordance with a Monday submitting with the U.S. Securities and Trade Fee. As a result of Iris failed to interact in such discussions, the lender is claiming it defaulted on funds initially scheduled for Oct. 25, the Monday submitting stated. As such, the submitting continued, the lender seems to be to set off an acceleration clause, that means it’s demanding quick fee of all the principal and accrued curiosity. Iris stated it “disagrees” with the allegations made by the lender within the Nov. 4 discover.

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