Ad Hoc Lender Group Responds to Meritless Lawsuit Filed by BYJU'S
A group of ad hoc term loan lenders, who collectively own more than 85% of BYJU'S $1.2 billion term loan, today issued the following statement in response to a recent lawsuit filed by BYJU'S in the Supreme Court of the State of New York County of New York.
"BYJU'S' meritless lawsuit against its term loan lenders is simply an effort to avoid complying with its obligations, including making contractually required payments. The lender group, comprised of 21 highly respected global institutional investors, has sought to work constructively with the company over the past nine months to cure its numerous defaults and will continue to do so in good faith. However, in the event BYJU'S intentionally remains in default, the lender group reserves all rights available to it to enforce the credit agreement."
Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisors.
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