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."