Edtech Giant Byju's Does A U-Turn; Set To Pay Off $1.2 Billion To Lenders

Byju's is set to pay off its entire $1.2 billion term loan in less than six months, as per reports. Lenders will now review the proposal to get a more clear picture on how the repayment will be handled.

Byju's has agreed to offer $300 million of the distressed debt in a span of three months with the remaining amount in the next three, as per a report by The Bloomberg.

The news comes as a surprise to many in the industry who were witness to the conflicts between Byju's and its lenders who failed to agree on loans. This comes as Byju's has asked for a quick resolution to the amendment.

Things had gotten complicated back in June 2023 when Byju's skipped an interest loan payment and took its lenders to court over the same.

The company is also expected to file its FY22 financial statements by September 2023 and its FY23 statements by December 2023