Byju's Misses Another Target Date To Amend Terms Of $1.2-Billion Loan
Byju's has missed yet another target date set by its creditors to amend terms of the $1.2 billion loan, stalling the progress the company made to resolve the long-running dispute.
"The discussions are going on and it's progressing well in the right direction and expected to close at the earliest. In fact, the next meeting with the lenders is scheduled early next week," a Byju's spokesperson told BQ Prime. "No deadline has been missed, as August 3 was merely a hopeful date that was likely to be scheduled for a sign off."
Only July 24, the steering committee of the lenders had issued a statement, saying that they have reached an agreement with Byju's to complete the amendment of the conditions of a $1.2-billion loan by Aug. 3.
"Once the amendment is successful, it will immediately solve for the loan's acceleration and end all open litigation, while avoiding further enforcement actions," the lenders had said.
The lenders are yet to respond to BQ Prime's fresh queries.
The amendment should've largely put an end to the Byju Raveendran-led startup's woes with its lenders, which started several months ago. The agreement had followed several rounds of failed negotiations to restructure the loan terms.
The past 12 months have seen Raveendran and Chief Operating Officer Mrinal Mohit reach out directly to employees, amid resignations by statutory auditor Deloitte and three board members representing key investors in the company. It has also seen valuation cuts by prominent investors, searches by the enforcement directorate, layoffs, and delayed financial results.
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