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BYJU’S will have to repay $1.2bn loan, not just ₹20cr: US lenders

Inshorts · 10m ago

BYJU’S will have to repay $1.2bn loan, not just ₹20cr: US lenders

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.

Related News

Byju’s asset sale hangs fire amid investor flare-ups

Economic Times

Economic Times · 1y ago

Byju’s asset sale hangs fire amid investor flare-ups

Byju's efforts to sell assets, including Great Learning, have been delayed due to financial challenges and disagreements with stakeholders. The company is seeking around $600 million from the sale but has not yet found a buyer. Additionally, the sale of Epic, another asset, has also faced difficulties. The sale of Great Learning is crucial for Byju's to repay its $1.2 billion loan. Potential buyers are waiting for a lower purchase price, given the current market conditions. The company's revenue run rate has been affected, and universities have expressed concerns over conflicts with investors and lenders.

NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 9m ago

NCLAT adjourns Byju’s case hearing to November 6

- 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.

Byju’s lenders accused of using bogus loan-default claims

Economic Times

Economic Times · 1y ago

Byju’s lenders accused of using bogus loan-default claims

Lenders of BYJU'S, the edtech giant, are alleged to have employed fake loan default claims. The accusation points to potential unethical practices involving lenders attempting to pressure BYJU'S for quicker loan repayments. This situation highlights the complexities and potential challenges in financial dealings within the startup ecosystem, raising concerns about transparency and fair practices in loan agreements.

Never Lent Any Money To BYJU’S, Claims IIFL Finance

Inc42 · 1y ago

Never Lent Any Money To BYJU’S, Claims IIFL Finance

IIFL Finance denies lending any funds to BYJU'S, contradicting BYJU'S claim of a INR 440.77 Cr loan in its FY21 financial statements. IIFL Finance called the mention an error by BYJU'S and confirmed no lending took place. BYJU'S faces challenges with two sets of lenders, Term Loan B (TLB) lenders and Davidson Kempner, over a $1.45 Bn loan. TLB lenders have postponed their legal battle, possibly for out-of-court negotiations, while BYJU'S and Davidson Kempner continue discussions on a loan covenant dispute settlement.

BYJU’S AGM: FY22 Audited Financials Approved, BDO Reappointed As Auditor

Inc42 · 1y ago

BYJU’S AGM: FY22 Audited Financials Approved, BDO Reappointed As Auditor

Troubled edtech giant BYJU's stakeholders have approved its financial statements for the fiscal year 2021-22 at their annual general meeting (AGM). The company faced challenges including a lack of funds, layoffs, leadership exits, and conflicts with lenders. The AGM, attended by around 60 shareholders, also saw the reappointment of BDO as the statutory auditor. The audited financial results have finally been approved after delays, resulting in the resignation of previous auditor Deloitte and the departure of three board members. BYJU's has been seeking investors and considering the sale of subsidiaries to repay its $1.2 billion loan.

Byju’s lenders win fight over loan default, control of unit

Economic Times

Economic Times · 1y ago

Byju’s lenders win fight over loan default, control of unit

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.

NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Inc42 · 11m ago

NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Yesterday, the NCLAT put off its decision on approving the INR 158 Cr settlement between BYJU'S and the BCCI. Meanwhile, a US Bankruptcy Court has ordered Riju Ravindran, brother of Raveendran (BYJU'S founder), to pay $10,000 a day until he assists in locating $533 Mn that his company allegedly hid from US lenders. The dispute is centered around BYJU'S $1.2 Bn Term B Loan from US-based lenders.

BYJU’S Saga: US Lenders Counter Debt Claim, Say The Edtech Must Repay Full $1.2 Bn Loan With Interest

Inc42 · 10m ago

BYJU’S Saga: US Lenders Counter Debt Claim, Say The Edtech Must Repay Full $1.2 Bn Loan With Interest

US creditors of BYJU'S are disputing the founder's statement regarding the verified debt of the edtech startup. The lenders argue that the company is obligated to pay the full $1.2 billion term loan B, along with interest. They also claim that BYJU'S has not paid any contractual dues in over 17 months.

How Byju's US lenders ran into a hedge fund wall

Livemint

Livemint · 1y ago

How Byju's US lenders ran into a hedge fund wall

Education technology company Byju's has bewildered its US lenders by shifting the ownership of $500 million borrowed by its subsidiary Alpha to an unnamed subsidiary. Byju's moved $533 million of the $1.2 billion loan to Camshaft Capital Fund, a hedge fund. When asked about the money's whereabouts, the hedge fund stated that Alpha is no longer a partner in the fund, leaving lenders unable to retrieve their funds. Byju's has faced legal challenges surrounding its loan and questions about corporate governance and execution. It is now looking to sell some of its assets to repay its debts.

Byju’s makes a surprise $1.2 billion repayment proposal to lenders

Economic Times

Economic Times · 1y ago

Byju’s makes a surprise $1.2 billion repayment proposal to lenders

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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