Byju's lenders win fight over $1.2 billion loan default, control of unit business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Lenders to Byju's, once one of India's hottest tech startups, properly cited a default on a $1.2 billion loan when taking over control of a unit of the education-technology provider, a Delaware judge concluded.
The lenders – which include Redwood Investments LLC and Silver Point Capital LP – were within their contractual rights to replace a relative of company founder Byju Raveendran on the board of Byju’s Alpha, a special-purpose company formed for financing purposes, with their nominee, Delaware Chancery Court Judge Morgan Zurn ruled.
Byju's lenders win fight over loan default, control of unit - Industry News financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the companys mounting distress after a pandemic-era boom in online learning fizzled out. Byjus had been working to sell assets and deal with the loan issue when government investigators searched company offices this year.