Edtech giant Byju’s has issued an apology for the delays in settling the dues of laid-off employees, citing “difficult business restructuring” as the reason behind the holdup. Byju’s recently laid off approximately 1,000 employees as part of its ongoing optimization strategy, which includes selling assets like Epic and Great Learning to generate cash. The company aims to repay a $1.2 billion term loan B (TLB) within six months. It has proposed repaying $300 million of the loan in the next three months, subject to approval from lenders. Byju’s had aggressively expanded through acquisitions in 2021 but is now dealing with financial challenges and negotiations with creditors.
Byju’s Apologizes for Delays in Settling Dues of Laid-Off Employees Amid Business Restructuring
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