Financial firm B Riley (RILY) has struck a deal with Greenidge Generation Holdings (GREE) , a crypto miner, in respect to the debt RILY holds.
This is not a big deal to RILY–but it is indicative of some of the low quality deals Bryant Riley has put the company in during the last couple of years.
RILY has a long list of baby bonds and preferred stock outstanding which can be seen here.
The deal press release is here.
Greenidge sold a 8.50% baby bond issue (GREEL) in October, 2021 which now trades around $3.83–up from around 62 cents in December. I am not aware of the status of interest payments on these bonds–anyone know the status?
Still paying interest
Core Scientific also agreed today to a $70M loan from B Riley, which will give Core more than a year of breathing room, if the bankruptcy court in Texas approves. Looks like Riley is doubling down on crypto miners!
Tim,
GREEL just made an interest payment today.
The RILY deal is a big deal because GREE were pushing waiver extensions out for a week at a time until this came along. Now its close to 6 months I believe with B Riley.
Companies and their reckless management that dance on top of volcanos 🌋 eventually get burnt to a crispy bankruptcy.