A group of lenders to Byju’s is working with the Indian education-technology startup to change the terms of a $1.2 billion loan after the company fell into distress earlier this year, according to people with knowledge of the matter.
(Bloomberg) — A group of lenders to Byju’s is working with the Indian education-technology startup to change the terms of a $1.2 billion loan after the company fell into distress earlier this year, according to people with knowledge of the matter.
A steering committee of lenders on the term loan and Byju’s have agreed to work toward a signed agreement before Aug. 3, the people said, asking not to be identified because the discussions are private. The talks are still ongoing, and the situation may change.
Byju’s, once India’s most valuable startup, has faced a series of crises after it missed deadlines to file audited financial account, skipped an interest payment on its term loan and triggered a legal fight with creditors. India’s government ordered an inspection into its finances after its auditor and three board members resigned.
There was no reply to emails from a spokesperson for Byju’s, who also couldn’t be reached by phone outside normal office hours.
The Economic Times reported earlier on the matter.
–With assistance from Anto Antony.
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