b riley financial inc issued an open letter on wednesday to core scientific inc offering to provide 72 million in new noncash pay financing as core scientific considers strategic alternatives for its capital structure b riley a financial services platform and one of the largest creditors of core scientific said it has engaged with the blockchain data center company to provide liquidity to avoid a potential bankruptcy proceeding the proposed financing would provide more than two years of runway for core scientific b riley said b riley has offered to fund the first 40 million of financing immediately with zero contingencies for the remainder of b rileys proposed new financing all principal payments to equipment lenders would need to be suspended until the price of bitcoin recovers to 18500 the company said once that happens free cash flow will be distributed to equipment lenders in the form of interest and partial principal payments until they are made whole additional free cash flow will be distributed in increasing amounts as the price of bitcoin rises the company said also all interest payments to equipment lenders would be paid in kind for one year to provide additional runway for the company b riley said core scientific currently has about 300 million of equipment and other loans that have a short maturity b riley said and those loans were made when the price of bitcoin was much higher b riley said it believes there is a path forward and it has been proactive in working on a solution such as providing debt on some assets it strongly urged core scientifics board of directors to work with creditors to find a solution that benefits all stakeholders