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News on Medial
Byju’s makes a surprise $1.2 billion repayment proposal to lenders
Economic Times
·
1y ago
Medial
Indian edtech giant Byju's has proposed repaying its $1.2 billion term loan in under six months, offering to pay $300 million within three months if the proposal is accepted, with the remainder in the following three months. The move follows nearly a year of conflict between Byju's and its lenders over a loan agreement renegotiation. The lenders are reviewing the proposal and seeking more details on how the repayment will be funded. Byju's missed an interest payment on the term loan, adding to its distress. The loan is currently quoted at 49.8 cents on the dollar, considered distressed.
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NCLAT adjourns Byju’s case hearing to November 6
Economic Times
·
9m ago
Medial
- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.
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Delaware Supreme Court says Byju's defaulted on $1.5 billion loan, favours US lenders
Economic Times
·
9m ago
Medial
The Delaware Supreme Court has upheld a ruling that edtech firm Byju's defaulted on a $1.5 billion loan, allowing lenders to demand full repayment and take control of Byju’s US entity. Byju's founders have acknowledged the default and signed multiple amendments to the credit agreement, according to the lenders. The court stated that Byju's must be held accountable and cannot distance itself from the defaults. The lenders also raised concerns about missing loan proceeds. Previously, the lenders demanded the repayment of $1.2 billion, alleging that Byju's had not made any contractually due payment for over 17 months.
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Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors
Economic Times
·
10m ago
Medial
Glas Trust Co LLC, the trustee for lenders owed $1.2 billion from Byju’s, has been removed from the committee of creditors by the insolvency resolution professional. The decision was made because Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. The US lenders have also moved to seek the removal of the insolvency resolution professional. Byju’s had disqualified most of the lenders represented by Glas Trust, citing its right to exclude predatory lenders. The Supreme Court is also hearing an appeal by Glas Trust opposing a settlement deal with BCCI.
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US lenders’ consortium files lawsuit against Byju’s founder, others
Economic Times
·
3m ago
Medial
A consortium of U.S. lenders has filed a lawsuit against Byju’s founder, Byju Raveendran, his wife Divya Gokulnath, and adviser Anita Kishore, for allegedly misappropriating $533 million from a $1.2 billion loan. The lawsuit follows a Delaware Bankruptcy Court ruling confirming fraudulent activities. The lenders seek damages for breach of fiduciary duties and other claims, and are also pursuing legal action in India. Byju's has not commented on the lawsuit.
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Byju’s lenders win fight over loan default, control of unit
Economic Times
·
1y ago
Medial
Byju's lenders have won a legal battle over a $1.2 billion loan default, allowing them to take control of a unit of the education technology provider. The lenders replaced a company founder's relative on the board with their nominee. The judge ruled that the lenders were within their contractual rights to take over the unit, citing the defaults. Byju's has been facing difficulties in repaying the loan amid a slowdown in the online learning sector. The company had been attempting to sell assets and resolve the loan issue when government investigators searched its offices.
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BYJU’S will have to repay $1.2bn loan, not just ₹20cr: US lenders
Inshorts
·
10m ago
Medial
BYJU'S will have to repay the entire $1.2-billion Term Loan B with interest and not just ₹20 crore which CEO Byju Raveendran said was the verified debt on the startup, US lenders said. "Neither Byju nor interim resolution professional have authority to disqualify any term loan lender," the lenders said. They added that almost all key personnel have abandoned BYJU'S.
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BYJU’S IRP Ousts Glas Trust From Committee Of Creditors
Inc42
·
10m ago
Medial
IRP Pankaj Srivastava has decided to replace Glas Trust as the representative of lenders in the consortium providing a $1.2 billion TLB loan to BYJU'S. Glas Trust has subsequently filed a plea to remove Srivastava as the IRP. This situation adds to BYJU'S challenges as it faces insolvency proceedings, financial difficulties, staff layoffs, losses, and conflicts with investors.
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Byju's $1.2-billion loan dispute: Court finds board member in contempt
The Arc Web
·
1y ago
Medial
Riju Ravindran, the brother of Byju's founder, has been found in contempt of court by a US judge for not disclosing the whereabouts of $533 million in term loan proceeds. Lenders are seeking to locate the funds from a $1.2 billion loan taken out in 2021. The judge ruled that Ravindran's testimony was not truthful and that he either knows where the funds are or is intentionally avoiding obtaining the information. Byju's, an edtech company, is currently facing legal challenges from lenders demanding repayment.
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Court official excludes US lenders from Byju’s creditors committee: Report | Mint
Livemint
·
10m ago
Medial
US lenders attempting to collect over $1.2 billion from Think & Learn (Byju's) have been removed from the creditors committee overseeing the insolvency case against the Indian education tech company. The lenders accused the interim resolution professional, Pankaj Srivastava, of plotting to reject their claims and manipulating the creditors vote. They argue that Srivastava's actions of stripping them of their claims are unprecedented and illegitimate. The lenders have been trying to force Byju's into an insolvency proceeding in an Indian court for months, with limited success. The case is also being fought in the US, where lenders are trying to locate $533 million allegedly hidden by Byju's founder, Byju Raveendran.
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Byju’s US lenders invoke parent company's guarantee in insolvency proceedings
Economic Times
·
1y ago
Medial
The National Company Law Tribunal has directed Byju's to respond to two insolvency petitions filed against the company by US lenders and the Board of Control for Cricket in India. The first petition was filed by Glas Trust Company, the administrative agent for a group of lenders, claiming default on a $1.2 billion loan. The second petition is from BCCI, alleging non-payment of dues. Byju's has been given three weeks to file objections in the first case and a separate hearing is scheduled for the second case.
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