Byju’s American subsidiary has initiated Chapter 11 bankruptcy proceedings in the Delaware court, citing liabilities ranging from $1 billion to $10 billion.
The Byju’s Alpha unit disclosed assets in the range of $500 million to $1 billion in the filed court documents. The startup has faced challenges, including a consortium of lenders instigating bankruptcy proceedings and ongoing negotiations regarding the repayment of a $1.2 billion term loan over the past few months.
With inputs from Reuters.