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Byju's to work with US lenders on asset sale
Mint Mumbai
|October 12, 2023
Move comes after US lenders hire Kroll to safeguard assets in Singapore
Byju's will work with secured lenders in the US to sell Great Learning, an executive at the edtech giant said, after the lenders moved to protect assets against which loans were given. The company and lenders will work together in everything from appointing bankers to review bids, the executive said.
Secured lenders of Byju's Alpha Inc. earlier on Wednesday appointed Kroll Inc. to safeguard the assets of Great Learning Education Pte. Ltd and Byju's Pte. Ltd, at a time the edtech giant is attempting to sell assets and repay loans. Byju's Alpha is the US business of the Byju Raveendran-led Indian edtech. Both Great Learning and Byju's Pte are based in Singapore.
Kroll said in a statement it was appointed by the secured lenders as they exercise their security rights after Byju's Alpha defaulted on loans.
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