-

Steering Committee of Ad Hoc Term Loan Lenders and BYJU’S Agree to Complete Loan Amendment by August 3, 2023

NEW YORK--(BUSINESS WIRE)--The steering committee (the “SteerCo”) of ad hoc term loan lenders, who collectively own more than 85% of BYJU’S $1.2 billion term loan, today announced that it and BYJU’S have agreed to work collaboratively toward a signed and completed term loan amendment (the “Amendment”) prior to August 3, 2023. Successful execution of the Amendment would immediately solve for the loan’s acceleration and end all open litigation while avoiding further enforcement actions.

SteerCo issued the following statement regarding the agreed upon timeline:

“We are pleased to make progress with BYJU’S toward a completed loan amendment. This announcement is consistent with our stated goal of working constructively with BYJU’S management to protect the value of the franchise. We look forward to completing the loan amendment over the next two weeks and are committed to doing our part to deliver on our agreed upon timeline.”

Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisors.

Contacts

Media
Nathaniel Garnick/Amanda Shpiner/Sam Fisher
Gasthalter & Co.
+1 (212) 257-4170
byjus-lenders@gasthalter.com

Industry:

Gasthalter & Co.

Release Versions
English

Contacts

Media
Nathaniel Garnick/Amanda Shpiner/Sam Fisher
Gasthalter & Co.
+1 (212) 257-4170
byjus-lenders@gasthalter.com

More News From Gasthalter & Co.

Ric Kayne Suspends Campaign to Elect Himself and George Bickerstaff to Athira Pharma Board of Directors

NEW YORK--(BUSINESS WIRE)--Richard A. (Ric) Kayne, who together with his affiliates beneficially owns approximately 4.8% of the outstanding shares of common stock of Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira” or the “Company”), today issued the following letter to Athira shareholders. May 16, 2022 Dear Fellow Shareholders, I started my campaign for change at Athira Pharma, Inc. in February 2022, nominating myself and George Bickerstaff, to the Athira Board of Directors because I believe in th...

Ric Kayne Issues Letter to Athira Shareholders Highlighting Need for Immediate Change to Athira Board

NEW YORK--(BUSINESS WIRE)--Richard A. (Ric) Kayne, who together with his affiliates beneficially owns approximately 4.8% of the outstanding shares of common stock of Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira” or the “Company”), today issued a letter to Athira shareholders outlining numerous, value-destructive missteps by the current Board of Directors (the “Board”), and detailing why immediate change to the Board at the 2022 annual meeting of stockholders is necessary to restore shareholder v...

Leading Proxy Advisory Firm ISS Recommends Athira Shareholders “Withhold” Support From Incumbent Directors Joseph Edelman and John Fluke

NEW YORK--(BUSINESS WIRE)--Richard A. (Ric) Kayne, who together with his affiliates beneficially owns approximately 4.8% of the outstanding shares of common stock of Athira Pharma, Inc. (NASDAQ: ATHA) (“Athira” or the “Company”), today announced that Institutional Shareholder Services Inc. (“ISS”), the nation’s leading independent proxy advisory firm, has recommended that Athira shareholders vote to “WITHHOLD” support for incumbent directors Joseph Edelman and John M. Fluke Jr. in connection wi...
Back to Newsroom