The explanation for the discover of default, which the lender despatched to the miner on Nov. 4, is the corporate failed to have interaction in “good religion restructuring discussions” for the debt in query, in line with a Monday submitting with the U.S. Securities and Trade Fee. As a result of Iris failed to have interaction 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 appears to set off an acceleration clause, that means it’s demanding fast fee of the whole principal and accrued curiosity. Iris mentioned it “disagrees” with the allegations made by the lender within the Nov. 4 discover.