PRESS RELEASE
1 February 2023

Shearman & Sterling Represents Greenidge Generation Holdings In Comprehensive Debt Settlement Agreement

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
Shearman & Sterling advised its client, Greenidge Generations Holdings Inc., in a restructuring of a material portion of its debt and its business.
United States

Shearman & Sterling advised its client, Greenidge Generations Holdings Inc., in a restructuring of a material portion of its debt and its business. In a novel transaction, the company, which has historically been mining bitcoin at two facilities in upstate New York and South Carolina, transferred a significant portion of its mining rigs to NYDIG, its equipment lender, in exchange for significant debt reduction and 5-year hosting arrangements with NYDIG. Under the hosting arrangement, Greenidge and its subsidiaries will provide infrastructure and facilities to operate the mining rigs for NYDIG and will be paid hosting fees and profit sharing, and the hosting business will constitute a material change to Greenidge's business strategy.

In addition, Greenidge restructured its debt with B. Riley Financial to provide additional flexibility and extended the maturity of that debt by commitments to purchase Greenidge Class A common stock by B. Riley and from a large shareholder, Atlas Holdings.

Greenidge is a vertically-integrated cryptocurrency datacenter and power generation company The restructuring was announced on Jan. 31, 2023 in a press release.

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.

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