(Reuters) -Embattled Indian edtech startup Byju’s and some of its lenders have restarted negotiations to restructure its $1.2 billion term loan, Bloomberg News reported on Friday, citing people familiar with the matter.
The lenders have delivered a detailed amendment proposal to the company calling for a debt pay down, coupon boost and investor protections on the loan, the report said.
Byju’s will review the proposal and deliver its reply by early next week. It did not immediately respond to a Reuters request for comment on the report.
The renewed talks come at a time when the company and its lenders are involved in a legal brawl over the restructuring of the loan.
Once counted among India’s most successful startups, Byju’s is caught in what many see as a governance crisis after it last week lost board members from three global investors – Peak XV, Prosus NV, and the Chan-Zuckerberg Initiative – and auditor Deloitte.
The company has also been raided over suspected violations of foreign exchange laws.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Arun Koyyur)
