Key Points
One of Indias hottest tech companies, Byjus Alpha, was sued by an agent for lenders owed $1.2 billion after months of negotiations between creditors and the education technology firm...
The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran..
Byjus had been scrambling to appease creditors on the restructuring of a $1.2 billion term loan before an anti-money laundering probe kicked off in April..
Earlier this year, lenders pushed back against a company proposal to rework its debt by increasing the interest rate on the $1.2 billion term loan due 2026..
Afterward, Raveendran defended the company in a letter to employees, saying the firm had made a number of overseas acquisitions, paying for the transactions through regular banking channels with the appropriate documentation. ..
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