Byju Raveendran, Pai planning an ‘out-of-court’ settlement with US lenders

Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG), along with Byju Raveendran, the founder of the beleaguered education technology startup Byju’s, is planning to reach out to US lenders represented by Glas Trust for an out-of-court settlement, according to sources. They said Pai and Raveendran may offer around $250 million.

The dispute revolves around the $1.5 billion Term Loan B (TLB) guaranteed by Think and Learn Pvt Ltd, the parent of Byju’s.