Byju’s, lenders miss deadline to rework loan terms

NEW DELHI: Troubled edtech startup Byju’s and its lenders have missed an initial deadline to rework the terms of its $1.2 billion term loan. The steering committee of the ad hoc term loan lenders, who collectively own more than 85% of the loan, had earlier said that the process would be closed before August 3. dIn a statement, Byju’s said that a meeting with the lenders is scheduled early next week. The discussions are progressing well in the right direction and expected to close at the earliest, the company claimed.

“No deadline has been missed as August 3 was merely a hopeful date that was likely to be scheduled for a sign off,” a company spokesperson added. A spokesperson for the lenders did not respond to queries.