Reported 4 months ago
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc., and Tangible Play Inc., affiliated with Byju’s Alpha, claiming financial distress and funds being siphoned off. Byju’s plans to contest the case, citing premature filing, while lenders dispute ownership of debt. Byju’s, once a $22 billion startup, is embroiled in court battles with creditors over debt restructuring and disputed funds of $533 million. The company and lenders are entangled in legal disputes concerning debt defaults and control of assets.
Source: YAHOO