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Byju’s disqualifies US lender
Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for ‘predatory’ tactics, the education technology startup said on Tuesday.
New Delhi: Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for ‘predatory’ tactics, the education technology startup said on Tuesday.
Byju’s filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the loan, while primarily trading in distressed debt, which was contrary to the conditions of the term loan facility. Byju’s, which provides services to more than 150 million students around the world, did not pay $40 million in interest due Monday on the $1.2 billion loan. In a statement, the startup said it has elected not to make further payments on the $1.2 billion so-called term loan B (TLB) and that it filed a suit in the New York Supreme Court.