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Byju Raveendran, the founder of Byju
A group of US-based lenders have filed a petition to declare several assets of education technology (edtech) company Byju’s insolvent, saying the company is not paying its debts as they fall due.
The term loan ad hoc group (lenders) of Byju’s Alpha Inc (borrower) with $1.4 billion term loans said that certain term loan holders and GLAS Trust Company LLC (as administrative agent and collateral agent of term loans) have filed petitions under to Chapter 11 of the United States Bankruptcy Code.
This was done to avoid involuntary Chapter 11 proceedings against Epic, Neuron Fuel (DBA Tynker) and
First print: June 5, 2024 | 7:42 PM IST