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According to CoinDesk, Bitcoin mining firm Iris Energy (IREN) is facing claims from its lender alleging that it has defaulted on $103 million of equipment loans held by two special-purpose vehicles (SPV), the company said on Monday.<br />The reason for the notice of default, which the lender sent to the miner on Nov. 4, is the company failed to engage in "good faith restructuring discussions" for the debt in question, according to a Monday filing with the U.S. Securities and Exchange Commission. Because Iris failed to engage in such discussions, the lender is claiming it defaulted on payments originally scheduled for Oct. 25, the Monday filing said. As such, the filing continued, the lender looks to trigger an acceleration clause, meaning it is demanding immediate payment of the entire principal and accrued interest. Iris said it "disagrees" with the allegations made by the lender in the Nov. 4 notice.<br />To review, on Nov. 2, Iris Energy said the bitcoin mining machines in question do not produce enough cash to cover the related debt obligations. The company said at that time that if discussions to restructure the debt fail to lead to an agreement by Nov. 8, it would not be able to meet the debt obligations held by the two SPVs.

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【Bitcoin miner Iris Energy faces default claim on $103M of equipment loans】According to CoinDesk, Bitcoin mining firm Iris Energy (IREN) is facing claims from its lender alleging that it has defaulted on $103 million of equipment loans held by two special-purpose vehicles (SPV), the company said on Monday.
The reason for the notice of default, which the lender sent to the miner on Nov. 4, is the company failed to engage in "good faith restructuring discussions" for the debt in question, according to a Monday filing with the U.S. Securities and Exchange Commission. Because Iris failed to engage in such discussions, the lender is claiming it defaulted on payments originally scheduled for Oct. 25, the Monday filing said. As such, the filing continued, the lender looks to trigger an acceleration clause, meaning it is demanding immediate payment of the entire principal and accrued interest. Iris said it "disagrees" with the allegations made by the lender in the Nov. 4 notice.
To review, on Nov. 2, Iris Energy said the bitcoin mining machines in question do not produce enough cash to cover the related debt obligations. The company said at that time that if discussions to restructure the debt fail to lead to an agreement by Nov. 8, it would not be able to meet the debt obligations held by the two SPVs.

Bitcoin miner Iris Energy faces default claim on $103M of equipment loans

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Bitcoin miner Iris Energy faces default claim on $103M of equipment loans

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