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Byju's American subsidiary files for bankruptcy amid debt crisis
source link: https://nextbigwhat.com/byjus-american-subsidiary-files-for-bankruptcy-amid-debt-crisis/
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Byju’s American subsidiary files for bankruptcy amid debt crisis
- Byju’s Alpha Inc., a subsidiary of Byju’s, has filed for bankruptcy in the US after defaulting on $1.2 billion in debt.
- The company plans to sue a Florida hedge fund it accuses of helping Byju’s parent company hide over $500 million from creditors.
- Major investors are calling for a reconstitution of Byju’s board and a change in leadership due to concerns about the company’s future stability.
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