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$533 million funds currently in 100% non-US subsidiary, says Byju's
The Morning Standard
|March 06, 2024
THE troubled edtech firm Byju's on Tuesday said $533 million funds are currently in a 100% non-US subsidiary of the firm and that Camshaft is no longer managing the funds.
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As the focus is now on these funds that are part of the $1.2 billion Term Loan B (TLB), the company said Byju's Alpha was never an operating company and its sole role was to receive the funds and then disburse them through the group. The edtech firm had taken a loan from certain US-based lenders in November 2021 and for that purpose an SPV named Byju's Alpha was incorporated in Delaware.
The funds were under the management of Camshaft founder William Morton. He has been under the spotlight and questions are now being raised about these funds.
Dit verhaal komt uit de March 06, 2024-editie van The Morning Standard.
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