Mumbai, 24/7: A group of lenders to Byju’s is working with the Indian education-technology startup to change the terms of a $1.2 billion loan after the company fell into distress, according to people with knowledge of the matter.
A steering committee of creditors on the term loan and Byju’s have agreed to work toward a signed agreement before August 3, the people said, asking not to be identified because the discussions are private. The talks are still ongoing, and the situation may change.
A favourable agreement will be good news for the company, which was once India’s most valuable startup, but has faced a series of crises in recent months. The company’s auditors quit, India’s anti-money laundering officials searched its offices, and it skipped an interest payment on its term loan.