Covenant Financial News

13.09 / 19:51

Provident Lowe's CEO Platform Covenant Kept $533 mn in fixed income assets: Byju’s

hedge fund. Glas Trust Co., the trustee representing lenders who had extended a loan of $1.2 billion to the world’s most valuable education technology startup in November 2021, told a Florida court on 7 September that Byju’s transferred $533 million to Camshaft Capital Fund, a Miami-based hedge fund, allegedly established by a 23-year-old with no training or experience in investing. The lenders also told the court that the official address of the hedge fund in its regulatory filings is a US restaurant chain, IHOP.

11.09 / 18:45

COST UPS Aware Platform Covenant Byju’s to sell Epic, Great Learning to repay $1.2 bn loan

MUMBAI : Byju’s has put up kids’ reading platform Epic and higher education platform Great Learning for sale, three people aware of the development said, as the edtech giant tries to raise money and pay off a $1.2 billion loan it raised in November 2021. The sale will also help Think & Learn Pvt. Ltd, which runs Byju’s, weed out businesses that it does not consider central to its long-term goals, the people said on condition of anonymity.

06.09 / 15:41

Enterprise Covenant cover CCI issues draft norms on combinations under amended competition law

CCI has issued draft rules pertaining to value of transactions for combinations under the new competition law.

31.08 / 18:19

Provident Lowe's Aware Covenant Inside AIM Byju’s, lenders postpone legal battle; aim for out-of-court solution

Edtech company Byju’s and its term loan B lenders have decided to postpone an ongoing disagreement in the US courts until 6 October. This extension aims to provide more time to achieve an out-of-court resolution, according to a document seen by Mint. This conflict can be traced back to 5 June, when Byju’s lodged a case in the New York Supreme Court.

30.08 / 16:31

COST Manufacturing Covenant performer Country Garden warns of default risks, 'deeply remorseful' for record loss

By Clare Jim

18.08 / 17:27

Provident Covenant tenor emi RBI calls for transparency in EMI reset, penal levies

MUMBAI : Borrowers will soon get to choose whether to pay higher equated monthly instalments (EMIs) or repay their loan over a longer period when banks raise interest rates. They can also expect greater transparency from lenders on penalties if they miss out on repayments. In the first of two circulars issued on Friday, the Reserve Bank of India (RBI) said banks and non-banks should provide individual borrowers with the option to switch to a fixed rate at the time of resetting interest rates.

15.08 / 01:53

COST Citi Aware Covenant performer exclusive Dunzo holds talks with debt investors to rejig credit terms

quick commerce startup Dunzo has held talks with its debt investors to restructure the terms of the credit so that the company can avail some of its cash lying in the bank to clear pending dues to vendors and staff salary arrears stretching to two months, sources aware of the discussions said. The talks have been underway to finalise new terms, including the payback timelines, people aware of the talks said. Dunzo’s efforts come at a time when it has simultaneously been looking to arrange new capital from both existing and new investors,ET first reported on July 18.

09.08 / 17:13

Provident Extreme Platform Covenant tenor SP group firm’s bond offers 16-17% yield but here’s the risk

The news of Goswami Infratech Pvt. Ltd— a Shapoorji Pallonji (SP) Group company— raising debt last month raised quite a few eyebrows. That was because the company tapped the bond market to raise a massive ₹14,300 crore at a whopping 18.75% interest.

09.08 / 00:47

COST Aware Deloitte Covenant Byju's interest cost on term loan may jump by $50-60 million a year under new terms

The interest proposed by Byju’s works out to 11.0-11.5% at least, they said. This may even change as the terms have not yet been finalised and the two sides were still continuing their discussions this week, the people added.Also read | Byju’s, Davidson Kempner in talks to settle dispute “This would increase the total pay-out annually by about $50-60 million,” a person aware of the matter said, adding that creditors are yet to sign off on this.

08.08 / 01:13

Aware Deloitte Covenant show Byju’s, Davidson Kempner in talks to settle dispute

Davidson Kempner Capital have begun negotiations to settle their dispute over the breach of a loan covenant linked to the Indian edtech company’s test preparation subsidiary, Aakash Institute. According to people directly aware of the ongoing negotiations, Byju’s has offered to repay the funds it has so far availed of from the sanctioned loan, along with the interest on that amount.

05.08 / 02:43

Provident Waves Fighting Covenant Lawyer Byju’s lenders accused by lawyer of using bogus loan-default claims to take control

startups, Byju’s, created bogus default claims tied to $1.2 billion in loans as part of a scheme to gain control of the education technology provider, the firm’s lawyer told a judge. The distressed-debt lenders are “playing hardball" to create leverage in negotiations to restructure the loans and causing problems for Byju’s executives, Sheron Korpus, a lawyer for the Bengaluru-base company, said at a hearing in state-court in Delaware Friday. Lenders, including US investment firms Redwood Investments LLC and Silver Point Capital LP, are “making extortionate demands" of Byju’s, putting the ed-tech firm “under a lot of pressure," Korpus told Delaware Chancery Court Judge Morgan Zurn.

04.08 / 00:59

UPS CEO Action Strategy Matrix Covenant Davidson Kempner begins rejig of Aakash board

Davidson Kempner (DK) has started reconstituting the board of Aakash Educational Services Ltd (AESL) in an effort to turn around and improve the governance of the crown jewel of cash-strapped Byju’s, regarded as India’s most valued edtech company. The hedge fund is inducting at least four new independent and nominee directors in the test-prep subsidiary of Byju’s parent Think & Learn, said people in the know. The new board is expected to take charge within a fortnight.

02.08 / 05:07

UPS Extreme Fitch Covenant show country Fitch Ratings downgrade: Could a cut in US rating mean higher inflows to India, other EMs?

Fitch cuts US credit rating to AA+ from AAA after debt limit standoffs; White House “strongly disagrees" In simple terms, credit rating shows the creditworthiness of an individual, company, or government. Different rating agencies follow different practices for assigning ratings. As per experts, for Fitch Ratings, 'AAA' rating is the best and 'AA+' is high-quality.

31.07 / 09:13

UPS CEO Covenant Adani Green Q1 Results: Profit zooms 51% YoY to Rs 323 crore; revenue jumps 33%

Adani Green's consolidated net profit rose 51% year-on-year (YoY) to Rs 323 crore for the quarter ended June 2023. It was Rs 214 crore in the last year quarter. Revenue from operations jumped 33% to Rs 2,176 crore for the April-June period, compared with Rs 1,635 crore in the corresponding period of last year.

21.07 / 00:57

UPS SEC NYSE Assurant Covenant show Power Azure Power Global should be able to publish results within 14 weeks: CFO

Azure Power Global's CFOs Sugata Sarkar and Pawan Kumar Agrawal assured bond holders in Singapore that the company should be able to publish its long-delayed results within 14 weeks and avoid a technical default. The company, majority-owned by Canadian pension funds CDPQ and OMERS Infrastructure, has until the end of this month to appeal the NYSE's delisting order, with the final decision expected after a potential three-month process.

18.07 / 18:47

AXY Covenant Power Azure Power India in talks with lenders to modify loan terms

Azure Power India is in talks with their onshore lenders to modify the terms of the ₹1,680-crore loans, which gives banks the right to increase the pricing on the rupee loan or even recall the debt facilities if the rating is downgraded from the current level, said a research report. Last week, Crisil Ratings downgraded the loan facility of Azure Power India to BBB+, citing a delay in releasing audited results for the financial year ending March 2022.

14.07 / 01:27

Aware Parke Covenant Takeover NARCL's Dharani takeover hits a government bump

NARCL) takeover of the distressed Dharani Sugars & Chemicals account has been stalled as the government has refused to recognise the structure proposed by the bad-loan bank, three people aware of the issues said. The structure proposed by NARCL envisaged the creation of two trusts one of which is to exclusively deal with payments to State Bank of India (SBI) because the country's largest lender had exclusive security over some assets of Dharani. «SBI has some exclusive security in lieu of the loan they had given so they wanted some extra payments post recovery.

13.07 / 10:11

UPS Assurant Deloitte Covenant International Byju’s brings back former CBO Arjun Mohan to head international business

Edtech major Byju’s has appointed Arjun Mohan as the chief executive of its international business, said two people with knowledge of the development. Mohan's appointment comes at a time when the company is battling issues on multiple fronts, ranging from exits of board members and auditors to court cases filed by its bondholders globally, For more than a decade Mohan was the chief business office with Byju's before joining UpGrad as its chief investment officer in 2020. He quit UpGrad in December 2022. In his previous stint with the decacorn, Mohan had helped Byju's scale domestically and internationally.

13.07 / 06:45

COST UPS CEO Covenant Gold miner St Barbara’s balance sheet brightens

Under pressure gold miner St Barbara delivered full-year production at the top end of its forecast range for 2023.

13.07 / 06:45

UPS MET BLOCK Deloitte Covenant Macquarie Deal Murray & Roberts’ RUC deal drags on; Macquarie takes a peek

It’s one step forward, two steps back for Johannesburg-listed Murray & Roberts’ attempts to buy back Perth-based RUC Cementation Mining Contractors out of administration.

12.07 / 15:59

Provident Target Platform Racing Software NVIDIA Covenant 3 Stocks With Potential to Dethrone Nvidia in the AI Race

Cathie Wood founded ARK Investment Management back in 2014. She chose the name «ARK» because it stands for Active Research Knowledge and also alludes to the Ark of the Covenant, as she is a devout Christian.

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