secwatch.observer — SEC 8-K summary
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Issuer:     Core Scientific, Inc./tx (CORZ)
CIK:        0001839341
Form:       8-K
Filed at:   2022-12-21T23:59:59+00:00
Accession:  0001193125-22-310173
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.03, 2.04, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Core Scientific files Chapter 11 bankruptcy; secures $57M DIP financing from noteholders
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/0001193125-22-310173-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1839341/000119312522310173/d366482d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-310173

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