Greenidge receives waivers on ~$6.9M missed debt payments; cure deadline Jan 27, 2023

Greenidge Generation Holdings Inc.

NYDIG waives default on ~$5.4M in missed payments (Dec 25, 2022 and Jan 10, 2023) if paid by Jan 27, 2023.
B Riley waives default on ~$1.5M in missed payments (Dec 20, 2022 and Jan 20, 2023) if paid or amended by Jan 27, 2023.
All other scheduled payments under both loan agreements remain unaffected by the waivers.
Company executed limited waivers and amendments with both lenders on January 20, 2023.
Failure to cure by Jan 27, 2023 would reinstate defaults and allow lenders to accelerate remedies and default interest.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.85

Greenidge Generation Holdings Inc. amended Waiver and Acknowledgement Letter with B Riley Commercial Capital, LLC valued at approximately $1.5 million (effective 2023-01-20).

Action: amendment
Agreement: credit facility
Counterparty: B Riley Commercial Capital, LLC
Value: approximately $1.5 million
Effective: 2023-01-20

Exact text from the filing

On January 20, 2023, Greenidge and B Riley Commercial Capital, LLC (“BRCC”) entered into a Waiver and Acknowledgement Letter (the “B Riley Waiver”) regarding the terms of the Amended and Restated Bridge Promissory Note dated August 10, 2022 executed by Greenidge in favor of BRCC (the “BRCC Note”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greenidge Generation Holdings Inc. amended Limited Waiver and Amendment of Loan Documents with NYDIG ABL LLC and NYDIG Trust Company LLC (effective 2023-01-20).

Action: amendment
Agreement: credit facility
Counterparty: NYDIG ABL LLC and NYDIG Trust Company LLC
Effective: 2023-01-20

Exact text from the filing

On January 20, 2023, Greenidge Generation Holdings, Inc. (“Greenidge”) and its subsidiaries Greenidge Generation LLC, GTX GEN 1 Collateral, LLC, GSC Collateral LLC, and GNY Collateral LLC entered into a Limited Waiver and Amendment of Loan Documents (the “NYDIG Waiver”) with NYDIG ABL LLC (“NYDIG”) and NYDIG Trust Company LLC (“NYDIG Trust” and collectively with NYDIG, the “Lender Parties”).

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Greenidge Generation Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-001359

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