News Snapshot:
Co-chief executive Daniel Roberts said creditor NYDIG had no recourse over assets of the parent company, as Iris now faced a dispute over the $US107.8 million financing of the bitcoin mining machines manufactured by China-headquartered Bitmain Technologies. “The companies [structured as SPVs] that owe them [NYDIG] the money, don’t have the ability to pay them back,” said Mr Roberts. “The value of those machines is now substantially below the value of the debt outstanding and the cashflow generated by those machines is insufficient to service their debt financing obligations. “So, as a consequence, the group made the decision to not...
