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A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.
Byju’s Alpha Inc. doesn’t have enough money to keep fighting with its parent company about the debt, according to a Bloomberg report. The lenders required the company to file bankruptcy before they would continue funding Byju’s Alpha, the Chapter 11 petition said.
BYJU'S is facing at least four insolvency pleas against it in India which have been filed by BCCI, US lenders, Teleperformance and Surfer Pvt Technology Ltd
(Bloomberg) -- A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.Most Read from BloombergDonald Trump Loses London Case Against Ex-MI6 Spy Over Kremlin DossierA $560 Billion Property Warning Hits Banks From NY to TokyoApple’s China Slump Deepens Even as Total Sales Grow AgainQQQ Up in Late Trading as Meta Soars, Apple Falls: Markets WrapMeta Plans $50
A unit of Byju's, once one of India's hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.