BYJU’s Term Loan Lenders Initiate Corporate Insolvency Resolution Proceedings Against Think & Learn Pvt Ltd in India
The ad hoc group of term loan lenders (the “Ad Hoc Group”) of BYJU’s $1.2 billion term loans (“Term Loans”), announced today that GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) has filed a petition pursuant to section 7 of the Insolvency and Bankruptcy code of India, 2016 to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd (doing business as BYJU’s) (“Think & Learn” or “BYJU’s” or the “Company”) before the Bengaluru Bench of the National Company Law Tribunal (such proceedings being the “BYJU’s CIRP”).
- The ad hoc group of term loan lenders (the “Ad Hoc Group”) of BYJU’s $1.2 billion term loans (“Term Loans”), announced today that GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) has filed a petition pursuant to section 7 of the Insolvency and Bankruptcy code of India, 2016 to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd (doing business as BYJU’s) (“Think & Learn” or “BYJU’s” or the “Company”) before the Bengaluru Bench of the National Company Law Tribunal (such proceedings being the “BYJU’s CIRP”).
- In connection with the petition filing, the Ad Hoc Group issued the following statement:
“The myriad issues facing BYJU’s are entirely self-inflicted. - It is our belief now that BYJU’s management has no intention or ability of honoring its obligations under the Term Loans.
- That said, we are hopeful that India’s corporate insolvency resolution process will help stabilize Think & Learn and result in implementing a resolution plan that accounts for the interests of all stakeholders.”
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