In a statement on Tuesday, the country’s most-valued startup said it would not pay any further interest on the Term Loan B (TLB) until a US court decided on its petition against some of its lenders, including Redwood Capital Management Llc.
“Byju’s has taken the decisive action to file a complaint in the New York Supreme Court to challenge acceleration of the 1.2 billion TLB and to disqualify Redwood Capital Management, who, contrary to the terms of TLB, purchased a significant portion of the loan while primarily trading in distressed debt,” the statement said.
TLBs are senior secured debt with higher interest rates. They are typically used by companies to fund acquisitions and are often structured with covenants and terms based on the borrower’s creditworthiness.
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