<p><em>By Reshmi Basu and Anto Antony</em></p>.<p>Beleaguered ed-tech firm Byju’s missed yet another target date set by its creditors to amend terms of a $1.2 billion debt, adding fresh challenges to the Indian borrower’s efforts to resolve disputes around the loan. </p>.<p>The company failed to decide on revisions sought by lenders in the loan’s terms, including part repayment and higher interest payments, by the latest agreed-upon date of Aug. 3, people familiar with the matter said. Meanwhile, a creditors’ lawsuit against Byju’s as part of the dispute is coming up for trial in a US court Friday.</p>.<p>A panel of creditors, who together own more than 85 per cent of the term loan, and Byju’s had agreed to work toward a “signed and completed” amendment before Thursday, the lenders said last month. Meeting the deadline would have avoided further enforcement actions from the financiers and ended the legal dispute.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/byjus-sends-notice-to-aakash-founders-demanding-share-transfer-1242884.html">BYJU'S sends notice to Aakash founders demanding share transfer</a></strong></p>.<p>“No deadline has been missed as Aug. 3 was merely a hopeful date likely to be scheduled for a sign-off,” a spokesperson for Byju’s said in an emailed statement. The discussions are progressing well and talks are expected to close at the earliest, according to the statement.</p>.<p>A representative for the creditors declined to comment.</p>.<p>Byju’s has missed multiple deadlines to rework the debt, the people said, asking not to be named as the information is private. Its dollar-denominated loan due in 2026 is quoting at 50 cents on the dollar, down from 62 cents at the start of the week, according to data compiled by Bloomberg.</p>.<p>The company, once the world’s most valuable edtech firm, has faced a series of crises in recent months as its auditors quit, India’s anti-money laundering officials searched its offices, and several directors from its board resigned.</p>
<p><em>By Reshmi Basu and Anto Antony</em></p>.<p>Beleaguered ed-tech firm Byju’s missed yet another target date set by its creditors to amend terms of a $1.2 billion debt, adding fresh challenges to the Indian borrower’s efforts to resolve disputes around the loan. </p>.<p>The company failed to decide on revisions sought by lenders in the loan’s terms, including part repayment and higher interest payments, by the latest agreed-upon date of Aug. 3, people familiar with the matter said. Meanwhile, a creditors’ lawsuit against Byju’s as part of the dispute is coming up for trial in a US court Friday.</p>.<p>A panel of creditors, who together own more than 85 per cent of the term loan, and Byju’s had agreed to work toward a “signed and completed” amendment before Thursday, the lenders said last month. Meeting the deadline would have avoided further enforcement actions from the financiers and ended the legal dispute.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/byjus-sends-notice-to-aakash-founders-demanding-share-transfer-1242884.html">BYJU'S sends notice to Aakash founders demanding share transfer</a></strong></p>.<p>“No deadline has been missed as Aug. 3 was merely a hopeful date likely to be scheduled for a sign-off,” a spokesperson for Byju’s said in an emailed statement. The discussions are progressing well and talks are expected to close at the earliest, according to the statement.</p>.<p>A representative for the creditors declined to comment.</p>.<p>Byju’s has missed multiple deadlines to rework the debt, the people said, asking not to be named as the information is private. Its dollar-denominated loan due in 2026 is quoting at 50 cents on the dollar, down from 62 cents at the start of the week, according to data compiled by Bloomberg.</p>.<p>The company, once the world’s most valuable edtech firm, has faced a series of crises in recent months as its auditors quit, India’s anti-money laundering officials searched its offices, and several directors from its board resigned.</p>
