Byju's lenders petition US court to include US subsidiaries in bankruptcy proceedings, alleging unpaid debts and $533m loan diversion.
Byju's term loan lenders have filed petitions in a US court to include Byju's US subsidiaries and related entities in bankruptcy proceedings, claiming they are not paying debts. The Indian edtech startup has been facing financial challenges, leading to legal actions against related entities in the US. The lenders accuse Byju's of unlawfully diverting $533m in loan proceeds, resulting in a significant loss of value for the company.
June 05, 2024
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