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India Business News: Byju's Alpha Inc, a unit of Byju's, filed for bankruptcy in the US due to its $1.2 billion debt. The company lacks funds to continue fighting with its
A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.
Byju’s Alpha Inc. doesn’t have enough money to keep fighting with its parent company about the debt, according to a Bloomberg report. The lenders required the company to file bankruptcy before they would continue funding Byju’s Alpha, the Chapter 11 petition said.
(Bloomberg) A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.Most Read from BloombergDonald Trump Loses London Case Against Ex-MI6 Spy Over Kremlin DossierA $560 Billion Property Warning Hits Banks From NY to TokyoApple’s China Slump Deepens Even as Total Sales Grow AgainQQQ Up in Late Trading as Meta Soars, Apple Falls: Markets WrapMeta Plans $50