Delaware Supreme Court rules Byju's in default on $1.2B loan, allowing lenders to take control of US subsidiary.
The Delaware Supreme Court has ruled that Indian edtech company Byju's is in default on a $1.2 billion loan, allowing lenders to take control of its US subsidiary, Byju's Alpha Inc. This ruling affirms lenders' rights to demand repayment and appoint management. Byju's disputes the ruling's relevance to ongoing legal issues in India, despite admitting default. The company is seeking to sell assets to raise $800 million to $1 billion.
September 24, 2024
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