--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-22-310173" form_type: "8-K" ticker: "CORZ" cik: "0001839341" company_name: "Core Scientific, Inc./tx" filed_at: "2022-12-21T23:59:59+00:00" generated_at: "2026-06-21T01:03:15.042720+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Core Scientific files Chapter 11 bankruptcy; secures $57M DIP financing from noteholders ## Summary - Filed voluntary Chapter 11 petitions in S.D. Texas on Dec 21, 2022; seeks joint administration under Case No. 22-90341. - Ad Hoc Noteholder Group (>70% of convertible holders) commits $57M+ DIP facility, with up to $18M additional syndication. - Restructuring plan would equitize convertible debt into majority of reorganized common stock; existing equity receives warrants and minority stake. - Total funded debt over $900M; bankruptcy triggers defaults on ~$762M in various debt instruments. - KERP approved: President/CLO Todd DuChene gets $375K retention + $200K salary increase; CFO Denise Sterling gets $50K. ## SEC filing metadata - accession: 0001193125-22-310173 - form_type: 8-K - ticker: CORZ - cik: 0001839341 - company_name: Core Scientific, Inc./tx - filed_at: 2022-12-21T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 2.04, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/d366482d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-22-310173 - JSON: https://secwatch.observer/filing/0001193125-22-310173.json - Plain text: https://secwatch.observer/filing/0001193125-22-310173.txt ## Key facts - Debt Financings Core Scientific, Inc./tx reported a default on loan of $41.8 million outstanding aggregate principal amount of loans with BRF Finance Co, LLC and B. Riley Commercial Capital, LLC. - Instrument: loan - Principal: $41.8 million outstanding aggregate principal amount of loans - Counterparty: BRF Finance Co, LLC and B. Riley Commercial Capital, LLC - Event: default source text: Bridge Promissory Notes, dated as of April 7, 2022 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and between Core Scientific, Inc., as borrower, and BRF Finance Co, LLC and B. Riley Commercial Capital, LLC, as Noteholders, related to $41.8 million outstanding aggregate principal amount of loans. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - Debt Financings Core Scientific, Inc./tx reported a default on loan of $47.2 million outstanding aggregate principal amount of loans with BlockFi Lending LLC. - Instrument: loan - Principal: $47.2 million outstanding aggregate principal amount of loans - Counterparty: BlockFi Lending LLC - Event: default source text: Facility and Security Agreement, dated as of December 30, 2021, by and between Core Scientific Operating Company (f/k/a Core Scientific, Inc.), as borrower, and BlockFi Lending LLC, as lender, related to $47.2 million outstanding aggregate principal amount of loans. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - Debt Financings Core Scientific, Inc./tx reported a default on convertible notes of $298.3 million aggregate principal amount remain outstanding with U.S. Bank National Association at 10.00% maturing April 19, 2025. - Instrument: convertible notes - Principal: $298.3 million aggregate principal amount remain outstanding - Counterparty: U.S. Bank National Association - Rate: 10.00% - Maturity: April 19, 2025 - Event: default source text: Convertible Note Purchase Agreement, dated as of August 20, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among Core Scientific Holding Co., the guarantors, U.S. Bank National Association, as note agent and collateral agent, and the purchasers of the notes issued thereunder, governing the 10.00% Convertible Notes due 2025 which mature on April 19, 2025, of which $298.3 million aggregate principal amount remain outstanding, excluding accrued PIK interest. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - Debt Financings Core Scientific, Inc./tx reported a default on convertible notes of $215 million aggregate principal amount remain outstanding with U.S. Bank National Association at 10.00% maturing April 19, 2025. - Instrument: convertible notes - Principal: $215 million aggregate principal amount remain outstanding - Counterparty: U.S. Bank National Association - Rate: 10.00% - Maturity: April 19, 2025 - Event: default source text: Secured Convertible Note Purchase Agreement, dated as of April 19, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among Core Scientific Holding Co., the guarantors, U.S. Bank National Association, as note agent and collateral agent, and the purchasers of the notes issued thereunder, governing the 10.00% Convertible Notes due 2025 which mature on April 19, 2025, of which $215 million aggregate principal amount remain outstanding, excluding accrued PIK interest. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - Debt Financings Core Scientific, Inc./tx reported a default on loan of $63.8 million aggregate principal amount remain outstanding with Barings Private Credit Corp., Barings Capital Investment Corporation and Barings BDC, Inc.. - Instrument: loan - Principal: $63.8 million aggregate principal amount remain outstanding - Counterparty: Barings Private Credit Corp., Barings Capital Investment Corporation and Barings BDC, Inc. - Event: default source text: Master Security Agreement, dated as of March 24, 2022, by and between the Company, as borrower, and Barings Private Credit Corp., Barings Capital Investment Corporation and Barings BDC, Inc. as lenders, of which $63.8 million aggregate principal amount remain outstanding. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm - Distress & Bankruptcy Core Scientific, Inc./tx entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-12-21). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the Southern District of Texas - Petition: 2022-12-21 source text: On December 21, 2022, Core Scientific, Inc. (the “Company”) and certain of its affiliates (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of the United States Code (the “Bankruptcy Code”). The Company is seeking to have the Chapter 11 Cases jointly administered under Case No. 22-90341. evidence_url: https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.