Byju’s US Units Approved to Borrow $9.5 Million for Bankruptcy

Three US education-software companies owned by bankrupt Indian tech firm Byju’s won court permission to borrow as much as $9.5 million and give payback priority to $133 million owed to lenders who are fighting the troubled parent company.

• Under terms of the bankruptcy loan, lenders owed more than $1.2 billion by Byju’s will provide cash to help pay the bankruptcy costs of the US firms — Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc.
• Lenders who provide cash for the bankruptcy loan will be able to roll some of their Byju’s debt into the new, court-approved financing package, ...