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Byju's US lenders begin bankruptcy proceedings
The New Indian Express
|June 06, 2024
THE ad hoc group of term loan lenders of Byju's Alpha Inc.on Wednesday said that certain holders of the term loans and GLAS Trust Company LLC have filed petitions pursuant to Chapter 11 of the US.
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Bankruptcy Code to initiate involuntary Chapter 11 proceedings against Epic!, Neuron Fuel (DBA Tynker), and Tangible Play (DBA Osmo), the three US-based guarantors of the term loans in the US Bankruptcy Court.
In 2021, Byju's Alpha, Inc. was established as a US subsidiary of the firm to receive proceeds of the term loans. The firm secured a $1.2 billion term loan in November 2021.
The edtech firm had acquired Epic in 2021.
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