Byju's, the embattled Indian ed-tech firm, has processed May 2024 salaries for all employees despite facing a severe funds crunch as of June 3. The company managed to make these payments using business collections. Concurrently, a group of creditors has filed petitions on June 5 to place several of Byju's US-based subsidiaries, including Epic, Tynker, and Osmo, into involuntary bankruptcy. The creditors, who are owed $1.2 billion in term loans, have filed 11 cases aiming to protect and maximize the value of Byju's US-based operating entities for the benefit of all stakeholders.
News brief. The creditors of the $1.2 billion term loan given to Byju's have filed 11 involuntary bankruptcy cases against Byju’s subsidiaries in Delaware. https://t.co/kcn8lI50PU
A group of US-based lenders has petitioned to place several assets of Byju’s into bankruptcy, saying the company is not paying its debts as they come due. @PeerzadaAbrar #byjus #bankrupt #debt #edtech https://t.co/WUYQ5rJmGG
Byju’s US affiliates slapped with involuntary bankruptcy cases from creditors https://t.co/WpwXcx8bPk
.@BYJUS lenders petition to put subsidiaries in bankruptcy in the US In a statement, the group of lenders said the latest move seeks to protect and maximise the value of Byju’s US-based operating entities for the benefit of all stakeholders. https://t.co/Fz9mDDm8XD
Just In : BYJUS lender group files petition to initiate involuntary bankruptcy proceedings against three US based subsidiaries of edtech firm - Epic ,Tynker and Osmo .
A group of creditors petitioned to place multiple units tied to Indian education technology company Byju’s into bankruptcy https://t.co/UvY2SYiAMV
#Byju's Processes Employees' May Salaries From Business Collections #Finance #Salary #Business https://t.co/5XRhjAug9Q
#Byjus processes #employees' May salaries from business collections https://t.co/qCdig6kcj4
Embattled ed-tech firm Byjus has processed the payment of salaries for May 2024 to employees across functions, even as it grapples with a funds crunch. Read on👇 https://t.co/s2QtOR03Np #Byjus #EdTech #ByjuRaveendran
Byjus processes salaries for May 2024 to all employees By @thyagarajan_law https://t.co/ovryK8Lu0j via @moneycontrolcom