Friday, March 01, 2024
Outlook.com
Outlook India
Outlook Business

Byju’s Lenders Onboard Risk Advisory Firm Kroll To Safeguard Great Learning assets

The appointment is made on behalf of Byju's Alpha's secured creditors as part of the lenders' exercise of their security rights

Byju’s Lenders Onboard Risk Advisory Firm Kroll To Safeguard Great Learning assets
POSTED ON October 11, 2023 12:39 PM

Edtech giant Byju's is once again in the news after a few weeks of disappearance and the reason is its efforts to repay the $1.2 billion repayment proposal to its lenders.

Byju's lenders have appointed risk advisory firm Kroll to safeguard the charged assets of one of its subsidiaries, Great Learning Education and Byju's.

Kroll also confirmed the development and announced on Wednesday that Cosimo Borrelli, its co-head of global restructuring, and Jason Kardachi, its lead for Singapore and Southeast Asia, have been appointed to protect the chargeable assets of Great Learning Education Pte Ltd and Byju's Pte Ltd.

In response to defaults by the company, the appointment is made on behalf of Byju's Alpha's secured creditors as part of the lenders' exercise of their security rights, said Kroll. According to a statement from the risk advisory firm, the appointment was made on behalf of Byju's Alpha's secured creditors as part of the lenders' exercise of their security rights following defaults by the company.

"The appointment's main goal is to safeguard the properties and companies controlled by Great Learning (including its subsidiary, Northwest Education Pte Ltd) and Byju's Pte Ltd. The appointment has no effect on the way that Great Learning and Northwest Education operate, and all of their courses and programs continue as usual, the statement said.

Mohan Lakhamraju, founder and CEO of Great Learning, said, "I am happy to see the Kroll team's commitment towards Great Learning's... continued growth and look forward to working with them."

  • Related Articles

    Arjun Mohan will replace Mrinal Mohit who will be leaving the company after nearly 10 years of association

    Byju's Brings Back Its Founding Member Arjun Mohan As India Chief

    The edtech had procured Epic! Creations Inc. and Great Learning Education Pte. in a deal valued at approximately $800 million in 2021

    Byju's Puts Epic!, Great Learning On The Block To Settle $1.2 Billion Loan Debts

    Cherian Thomas was the first international employee at BYJU'S back in 2017 and was credited with building the international organisation

    Byju's Senior Executive Exits, To Lead US-Based Impending Inc