RATE Group | Bay Point Advisors Provides $7.5M DIP Loan to Cryptocurrency Mining Facility in Atlanta
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Bay Point Advisors Provides $7.5M DIP Loan to Cryptocurrency Mining Facility in Atlanta

22 May Bay Point Advisors Provides $7.5M DIP Loan to Cryptocurrency Mining Facility in Atlanta

Posted at 12:37h in Cryptocurrency News by

ATLANTA–(BUSINESS WIRE)–Bay Point Advisors announces it has entered into a senior secured debtor-in-possession (“DIP”) financing agreement with a network of blockchain mining companies comprising VC Mining Enterprises Inc., Godby DC-5 LLC, Godby DC-4 LLC, Hemphill Avenue LLC, and Virtual Citadel LLC (collectively “the Company”), which has filed for bankruptcy protection under Chapter 11 under the United States Bankruptcy Code.

Under the agreement, Bay Point Advisors has committed $7.5 million in new funding to support the Company through the Chapter 11 process. This additional financing provides the Company with a strong financial foundation to support existing operations, restructure costs, and satisfy prior debt obligations.

The Company will work expediently with its stakeholders towards establishing a consensual Chapter 11 plan to maintain existing infrastructure while ensuring consistent operations. The Company expects to implement necessary…

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