BENGALURU: Byju’s, the world’s most valuable edtech startup, has sought more time from creditors to renegotiate an agreement governing a $1.2 billion loan that is in breach of covenants, according to people with knowledge of the matter.
The creditors have until Tuesday to sign a forbearance agreement, which will give the company time till February 10 to negotiate broader terms on the term loan, the people said, asking not to be identified as the information isn’t public. Byju’s hadn’t met the deadline to disclose financial results for the year ended March 31, they said.
