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Byju's US unit, Alpha files for bankruptcy in Delaware

Bloomberg  

Byju’s Alpha Inc. has been put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt. Byju’s Alpha listed assets of at least $500 million and liabilities of at least $1 billion in its bankruptcy petition.Byju’s Alpha's lenders had insisted the company file for bankruptcy before they would continue funding it, the Chapter 11 petition said. The company plans to sue a small hedge fund in Florida that it has accused of wrongfully helping Byju’s parent hide more than $500 million in cash that should go to creditors, according to the filing.