Brief: Greenidge Generation Restructures And Significantly Reduces Secured Debt

Vulcan Infrastructure and Power

31/01/2023 14:25

Jan 31 (Reuters) - Greenidge Generation Holdings Inc
 GREE.O :
    * GREENIDGE GENERATION RESTRUCTURES AND SIGNIFICANTLY
REDUCES
SECURED DEBT
    * GREENIDGE GENERATION - RESTRUCTURES ABOUT $76 MILLION OF
SECURED
DEBT WITH NYDIG, REDUCING OBLIGATIONS TO ABOUT$17 MILLION,
POTENTIAL FOR ADDITIONAL $10 MILLION REDUCTION
    * GREENIDGE GENERATION HOLDINGS INC - RESTRUCTURES B. RILEY
$11
MILLION PROMISSORY NOTE, REDUCING CASH OBLIGATIONS TO ABOUT $9
MILLION
    * GREENIDGE - HOSTING AGREEMENTS WITH NYDIG AFFILIATES WITH
GROSS
PROFIT-SHARING COMPONENT TO ALLOW CO TO PARTICIPATE IN POTENTIAL
BITCOIN PRICE APPRECIATION
    * GREENIDGE GENERATION HOLDINGS INC - CONTINUES TO OWN ABOUT
10,000 MINERS WITH A CAPACITY OF ABOUT 1.1 EH/S
    * GREENIDGE GENERATION - ACTIVELY WORKING TO SECURE &
DEVELOP NEW
MINING SITE, IN PARTNERSHIP WITH NYDIG, WHICH WILL REDUCE DEBT
BY ADDITIONAL $10 MILLION
    * GREENIDGE GENERATION - PURSUING SALE OF EXCESS REAL ESTATE
AT
SITE IN SOUTH CAROLINA, EXPECTED TO REDUCE DEBT WITH B. RILEY BY
ADDITIONAL $6 TO $7 MILLION

Source text for Eikon:  ID:nPn2j3Lw8a 
Further company coverage:  GREE.O 
 ((Reuters.Briefs@thomsonreuters.com;))