Lenders to Byjus Alpha filed an insolvency petition after the Indian education startup missed payment on a $1.2 billion loan. The move, announced by creditors in an emailed statement on Thursday, is the latest step in the fight between the startup founded by Byju Raveendran, once valued at $22 billion, and its creditors. Lenders have…
Company to Use United States Chapter 11 Process to Strengthen Financial Position GOL Will Continue to Provide Safe and Reliable Air Transportation Without Interruption All Flights are Operating as Scheduled and All Tickets and Reservations Remain in Place Company Secures US$950 Million New Financing Commitment to Support the Business SO PAULO, January 25, 2024 GOL…
Jan 26, 2024, 09:47 AM Open Extended Reactions Melbourne Rebels are on the brink of collapse just weeks out from the Super Rugby Pacific season, with the franchise having entered voluntary administration amid mounting debts. Rumours of the Rebels’ fraught financial position have circled since late last year, despite chief executive Baden Stephenson doing his…
“AITH for Not Helping my Husband Anymore?” throwaway-faraway70 My husband and I have lived like roommates for our whole 25-year marriage. Hes a bad roommate. For 25 years, I have done everything cooking, housework, shopping, yard work, household repairs, paying the bills, etc. literally everything. He has never done anything to help. He then developed…
Corporate insolvencies rose by 1.9% year-on-year in December 2023, and rose by 78.9% when compared to pre-pandemic levels in 2019, according to figures published today by the Insolvency Service. Corporate insolvencies decreased by 18.9% in December 2023 to a total of 2,002 compared to November’s total of 2,470, and increased by 1.9% compared to December…
Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byjus on Thursday, a person with knowledge of the development said. It invoked insolvency as an operational creditor. Both petitions were filed before the Bengaluru bench of before the Bengaluru bench of the National Company Law Tribunal…
In the wake of strong earnings for fiscal year 2023, SAP is restructuring around AI — a move that’s expected to affect around 8,000 employees. The restructuring will focus on growth areas, particularly SAP’s business AI capabilities, and is intended to set up future growth, the company said in a statement. Business AI at SAP…
Federal regulators and seven states are suing a New York-based debt relief company, claiming it bilked financially struggling customers out of more than $100 million in illegal and exorbitant fees without actually providing any debt relief. The Consumer Financial Protection Bureau and the attorneys general of Colorado, Delaware, Illinois, Minnesota, New York, North Carolina and…
Share this article Credit: Shutterstock/nitpicker Multinational German software company, SAP, has revealed its comprehensive restructuring plan for 2024 involving voluntary redundancies or job changes for 8,000 employees. The move is aimed at reshaping the company and positioning it for faster growth, driven in part by AI and a commitment to becoming more cloud-centric. In an…
The US-based lenders of Byjus have approached the National Company Law Tribunal (NCLT) at Bengaluru to initiate corporate insolvency proceedings against the beleaguered edtech company. The ad hoc group of term loan lenders (the Ad Hoc Group) of Byjus $1.2 billion term loans (Term Loans), said that GLAS Trust Company LLC (as administrative agent and…