In a rather surprising move, beleaguered edtech decacorn BYJU’S has reportedly offered to pay back the entire $1.2 Bn term loan to its lenders in less than six months.
The edtech major made an offer to repay $300 Mn of the distressed debt within three months and the remaining amount in the next three months if its amendment proposal is accepted, Bloomberg reported quoting sources.
BYJU’S did not respond to Inc42’s inquiry for comment on the matter.
It must be noted that BYJU’S and its lenders of the $1.2 Bn term loan B (TLB) have been caught up in severe conflict for almost a year. Several negotiations to alter the loan repayment terms have failed over the last few months.
The lenders are currently reviewing the company’s proposal and seeking details as to how the repayment would be funded.
Sources told the publication that BYJU’S is trying to make a swift resolution to the matter and to execute the amendment.
Meanwhile, Manipal Group chairman Ranjan Pai reportedly finalised an $80 Mn investment in BYJU’S offline test prep arm Aakash, which would be utilised by the edtech firm to repay Davidson Kempner.
Davidson Kempner is one of the lenders to BYJU’S TLB.
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