Beleaguered ed-tech firm Byju's has come up with a proposal to repay $1.2 billion term loan B (TLB) to its lenders within six months.
TLB refers to the loan financing typically provided by institutional investors who intend to maximise total long-term returns on their investments.
According to a Bloomberg report, in a surprise move, the ed-tech startup, headed by Byju Raveendran, proposed to repay $300 million in the next three months on condition that this is acceptable to the lenders. The remaining amount will be paid in the following months, Bloomberg said citing people familiar with the development.
The lenders are reportedly reviewing the proposal.
The company is yet to come out with a comment on the issue. However, Moneycontrol quoted a person as saying that Byju's is confident of repayment. "The company has charted out a very aggressive plan of repayment and is fairly confident of paying back the loan," the news portal quoted the person as saying.
In June, Byju's had said it filed a complaint in the New York Supreme Court to challenge the acceleration of the TLB. The company has claimed that the lenders issued a notice demanding immediate payment of the entire amount, despite knowing that the purported acceleration was under challenge before the court.
