Byju's Lenders Huddle With Advisers After Missed Loan Interest

 Byju's loan is now quoted at around 64.5 cents.

Holders of Byju's $1.2 billion term loan and their advisers are weighing options including negotiating with the company for an amendment, litigating or attempting to seize collateral after the company missed an interest payment on the debt, according to people with knowledge of the matter.

The group mulled options on a call held late Wednesday, said the people, who asked not to be identified because the matter is private. The company earlier reached out to a broad group of lenders and scheduled a call on Monday to discuss a loan amendment proposal, Bloomberg previously reported.

The company and lenders' advisers Houlihan Lokey Inc. and Kirkland & Ellis didn't immediately respond to requests for comment outside of normal US business hours.

The education-technology company and its lenders are mired in a fight over the term loan after the firm breached terms of its debt agreement. On Monday, it elected to skip an interest payment on the loan and filed a lawsuit in New York alleging a group of investors manufactured a fake debt crisis to extort money from the firm.

Advisers asked the lender group this week to extend a cooperation agreement set to expire next month by an additional six months, the people said. Such a pact binds the lenders to act together in negotiations.

Byju's had been trying to strike a deal with creditors to restructure the loan after the pandemic-era online tutoring boom tapered off, crimping its finances. But negotiations fell apart when creditors demanded an accelerated repayment.

The company's loan is now quoted at around 64.5 cents, according to data compiled by Bloomberg.

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GDP Growth Forecast At 6.5% For 2023-24, Says RBI

 

The Reserve Bank of India (RBI) has maintained its GDP growth projection for the fiscal year 2023-24 at 6.5%, with Governor Shaktikanta Das noting that the Indian economy and financial sector remain resilient amidst global challenges.

The RBI's Monetary Policy Committee (MPC) anticipates that growth will fluctuate throughout the year, with an expected surge to 8% in the first quarter before tapering off to 5.7% by the final quarter. These projections suggest a robust start to the fiscal year followed by a gradual slowdown.

In a vote of confidence for the nation's economy, Mr Das said, "Indian economy and financial sector stand strong and resilient amidst unprecedented global headwinds." This optimism is reflected in the central bank's decision to keep the repo rate unchanged at 6.5%, reinforcing the stability of the nation's monetary policy.

The MPC is focusing its efforts on the withdrawal of accommodation of policy stance, indicating a possible tightening of monetary policy in response to inflation concerns. "Close and continued vigil on evolving inflation is absolutely necessary," stated Governor Das, signalling the central bank's commitment to maintaining price stability.

The RBI revised its retail inflation projection for FY'24 downwards to 5.1% from an earlier estimate of 5.2%. Despite this slight decrease, the Governor emphasized that headline inflation is above the RBI's target of 4% and is expected to remain so for the rest of the year.

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The Governor also offered a cautious note on global economic activity. "The pace of global economic activity to decelerate due to the geopolitical situation," said Das, highlighting the potential challenges that lay ahead.

The RBI's forward guidance underscores the delicate balance the central bank faces in navigating economic growth and inflation risks. It will continue to closely monitor the evolving economic landscape and make adjustments as necessary to preserve stability in the Indian financial system.

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