Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’
1 year, 6 months ago

Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’

Live Mint  

With reports of Byju's suing the lenders of its $1.2-billion term loan B in the United States Supreme Court, Upgrad co-founder and filmmaker Ronnie Screwvala has taken a swipe at the opponent over the controversial lawsuit. Wonder what it’s erstwhile Board thinks of their fiduciary duties 🤔 - just asking 🤔” Screwvala also shared the tweets by news portal The Arc's co-founder Madhav Chanchani, who revealed Byju's currently embroiled in a legal battle in US. As per the Arc report, Byju's has said that it will not make any payments to the TLB lenders till the dispute is decided. The primary dispute is between Byju's and hedge fund Redwood, where Byju's had accused that Redwood used 'predatory tactics and bought its distressed debt 'with the intent of making windfall gains'.

Redwood Screwvala  screwvala  lawsuit  ronnie  netflix  tlb  takes  redwood  supreme  dispute  cofounder  court  debt  byjus  jibe  lenders

History of this topic

Byju Raveendran accused of trying to regain firm with hidden cash: Report
1 month ago

Byju Raveendran accused of trying to regain firm with hidden cash: Report

Hindustan Times  

Byju Raveendran, the founder of the struggling edu-tech company Byju’s, allegedly tried to use loan money he hid from US lenders to secretly buy back a software company that an American trustee took over. According to a Bloomberg report based on new court filings, this was an attempt by Byju Raveendran to regain control of his collapsing startup, which is …

Byju’s breached $42 million loan terms, small stake sale blocked: Report
8 months, 2 weeks ago

Byju’s breached $42 million loan terms, small stake sale blocked: Report

Live Mint  

Byju's has been asked by an arbitrator to not sell the shares of a group firm after it breached terms of loans worth $42 million, according to a report by Reuters citing a confidential order. In the latest dispute, Ranjan Pai's MEMG Family Office initiated arbitration proceedings against Byju for allegedly not repaying its loan through a pre-agreed transfer of …

Delaware court restricts Byju’s from use of $533 mn parked overseas
9 months, 1 week ago

Delaware court restricts Byju’s from use of $533 mn parked overseas

Live Mint  

A US bankruptcy court has ordered a freeze on $533 million in loan proceeds belonging to Think & Learn Pvt, the parent company of Byju’s. Ravindran…either was being untruthful or he’s the most incompetent officer or director of a company in Delaware history.” “The significance of the court’s ruling for all aggrieved parties owed money by Byju’s cannot be overstated…The …

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust
9 months, 3 weeks ago

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust

Hindustan Times  

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday. Byju's reportedly took the help of a Florida hedge fund to hide the money US Bankruptcy Judge John Dorsey in a Friday hearing dismissed an …

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions
1 year, 6 months ago

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions

News 18  

Byju’s, the world’s highest-valued edtech company, is gearing up for an important week of discussions with its lenders as it seeks to ease growing tensions, people aware of the matter told Moneycontrol. The upcoming discussions hold immense significance for Byju’s, as the company, one of the world’s largest startups, has been in a prolonged dispute with its lenders for over …

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan
1 year, 6 months ago

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan

The Hindu  

Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the U.S. lender for “predatory” tactics, the education technology start-up said on Tuesday. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including seizing control of its U.S. unit – …

Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan
1 year, 6 months ago

Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan

ABP News  

Indian edtech start-up Byju's has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for "predatory" tactics, the education technology start-up said on Tuesday, as reported by PTI. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including …

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification
1 year, 6 months ago

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification

ABP News  

Indian edtech start-up Byju's on Tuesday filed a complaint in the Supreme Court of New York to challenge acceleration of the $1.2 billion Term Loan B, the company said. As conveyed to the TLB lenders, BYJU'S remains financially robust with significant cash reserves," the company said. On March 3, the TLB lenders unlawfully accelerated the TLB on account of certain …

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims
1 year, 7 months ago

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims

The Hindu  

Bengaluru-based edtech firm Byju’s has refuted the charge that it is hiding $500 million through Byju’s Alpha, a non-operative U.S. entity set up to receive the Term Loan B. The litigants made claims that the edtech firm either hid or moved $500 million from Byju’s Alpha, insinuating that these acts were somehow wrongful, Byju’s said in a statement. As Byju’s …

BYJU’S refutes claims of hiding $500 million through US-based subsidiary
1 year, 7 months ago

BYJU’S refutes claims of hiding $500 million through US-based subsidiary

Live Mint  

Edtech giant BYJU'S has refuted claims that it is hiding $500 million through its US-based company, BYJU'S Alpha. Terming BYJU's Alpha as a non-operative US entity with no employees, the ed-tech company called the claims made in the Delaware court ‘bewildering’. In a statement about the matter, the company said, “This is an interim order of a Delaware Court to …

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report
1 year, 8 months ago

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report

ABP News  

Lenders of the ed-tech firm Byju's are asking for up to $200 million in prepayment for the restructuring of a $1.2 billion loan, according to a report by the Economic Times. The report says the world's most valuable ed-tech start-up Byju's has borrowed money from various lenders, including a number of US-based hedge funds. According to the report, Byju's currently …

Byju’s to seek easier terms on $1.2 bn loan amid steep losses
2 years ago

Byju’s to seek easier terms on $1.2 bn loan amid steep losses

Live Mint  

Indian online-education provider Byju’s is seeking to restructure its $1.2 billion loan as it struggles with steep losses and cost reduction targets, according to people familiar with the information. The nation’s most valuable startup, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors, the people said, asking not to …

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