Bitcoin Miner Iris Energy Faces Default Claim on $103M of Equipment Loans

The rationale for the discover of default, which the lender despatched to the miner on Nov. 4, is that the corporate failed to interact in “good religion restructuring discussions” for the debt in query, based on a Monday submitting with the U.S. Securities and Alternate Fee. As a result of Iris failed to interact in such discussions, the lender is claiming it defaulted on funds initially scheduled for Oct. 25, the Monday submitting mentioned. As such, the submitting continued, the lender seems to be to set off an acceleration clause, which means it’s demanding instant fee of the whole principal and accrued curiosity. Iris mentioned it “disagrees” with the allegations made by the lender within the Nov. 4 discover.