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Bloomberg
A group of creditors to Byju’s, India’s most valuable startup, has asked the company to
immediately repay part of a $1.2 billion loan they recently bought into as they renegotiate terms of the debt, according to people familiar with the matter.
The lenders have hired Houlihan Lokey Inc to advise them on amending covenants after the edtech titan breached terms, including a September deadline for filing its results for the year ended on March 31, 2022, the people said, asking not to be identified as the information isn’t public. Rothschild & Co is representing Byju’s in the talks, they said.
Most of the lenders in this group bought the debt from primary holders in September, when the loan slumped to a record 64.5 cents, and are seeking to profit from accelerated repayment.