Byju’s Sells Two US Subsidiaries at Steep Losses — All You Need to Know
Debt-laden ed-tech company Byju’s sold two of its US-based subsidiaries, namely Epic and Tynker, and that too at burgeoning losses.
Byju’s Sells Two US Subsidiaries at Steep Losses — All You Need to Know
Debt-laden ed-tech company Byju’s sold two of its US-based subsidiaries, namely Epic and Tynker, and that too at burgeoning losses. A bankruptcy court in the US gave a go-ahead to the distressed sale — $95 million for Epic and $2.2 million for Tynker.
In 2021, Byju’s acquired Epic for $500 million and Tynker for $200 million. Epic has been sold to China’s TAL Education Group, while online learning platform CodeHS has taken over Tynker.
Notably, these liquidations are part of ongoing bankruptcy proceedings in the United States, which involves Byju’s subsidiaries: Epic, Tynker, and Osmo. The sale of these assets will help the ed-tech firm shore up part of a $1.2 billion term loan. These three subsidiaries served as guarantors for the syndicated loan.
