Date	From > To	Length	Profile	Finish	Time
June 9th	Schijndel - Buchten	184 km	Flat	Flat	12:30 - 16:26 CEST

Information	Official Site / Startlist FC
Social Media	Instagram / Twitter
Previews	WF
TV & Streams	GCN+/Oproep Zeeland/Brabant & L1 Broadcast starts at 15:45 CEST

• For a live chat way to discuss/follow the race we have a discord too!

The University of Texas at Austin (UT Austin) is a public research university located in Austin, Texas. It is the flagship university of the University of Texas System and is one of the largest universities in the United States. UT Austin was founded in 1883 and has a long and distinguished history. The university has produced many notable alumni, including former U.S. presidents, Nobel laureates, and business leaders.
UT Austin is a highly selective university with an acceptance rate of just 35%. The university offers a wide range of undergraduate and graduate programs, including majors in engineering, computer science, business, and the humanities. UT Austin also has a strong research focus, and its faculty members have published over 100,000 research papers in top academic journals.
UT Austin is a vibrant campus community with a wide range of extracurricular activities available for students. The university has over 1,000 student organizations, including fraternities and sororities, sports teams, clubs, and student government. UT Austin also has a strong athletics program, and its teams compete in the Big 12 Conference.
UT Austin is a great choice for students who are looking for a challenging and rewarding college experience. The university offers a wide range of academic programs, strong research opportunities, and a vibrant campus community.
History
The University of Texas at Austin was founded in 1883 as the University of Texas. The university was created by the Texas Legislature in response to the growing need for higher education in the state. The university's first president was William M. Battle.
The university's early years were marked by rapid growth. The student body grew from just 15 students in 1883 to over 1,000 students by 1900. The university also expanded its academic offerings, adding new programs in engineering, law, and medicine.
The university's growth continued in the 20th century. The student body grew to over 20,000 students by 1950, and the university added new programs in business, education, and the arts. The university also built new dormitories, classrooms, and laboratories.
In the 21st century, the university continues to grow and evolve. The student body is now over 50,000 students, and the university offers over 200 undergraduate and graduate programs. The university is also home to a number of research centers and institutes, including the UT Austin M. D. Anderson Cancer Center, the UT Austin Energy Institute, and the UT Austin Cockrell School of Engineering.
Fee Structure
The cost of attendance at UT Austin varies depending on whether you are an in-state or out-of-state student. In-state students pay an average of $10,000 per year in tuition and fees, while out-of-state students pay an average of $30,000 per year.
The cost of attendance also includes housing, food, and other expenses. The average cost of living for a student at UT Austin is $15,000 per year.
How to Get Into
UT Austin is a highly selective university with an acceptance rate of just 35%. To be considered for admission, you must submit an application, SAT or ACT scores, high school transcripts, and letters of recommendation. You should also write a personal statement that explains why you want to attend UT Austin.
The university also considers your extracurricular activities, your personal statement, and your letters of recommendation.
Tips on How to Increase Your Chances Get good grades in high school. UT Austin looks for students with a strong academic record. Take challenging courses. UT Austin wants to see that you are capable of handling college-level work. Get involved in extracurricular activities. UT Austin wants to see that you are a well-rounded student. Write a strong personal statement. Your personal statement is your chance to show UT Austin why you are a good fit for the university. Get letters of recommendation from strong teachers or mentors. Letters of recommendation can help UT Austin get to know you better and see why you would be a good addition to the campus community. https://www.assignmenthelp.help/university-of-texas-at-austin-ut-austin/

Hi! I am a college student and as a final project I decided to create a product that I would have really enjoyed when I was a child (and I believe it would have helped me make wiser choices when I was younger). I decided to create wisekids.io, an audiobook app for children with stories to educate about finances and values such as compound interest, saving money through delayed gratification and the relevance of hard work when trying to succeed.
I created this project to test the interest of parents in this type of products and develop the app if the interest was validated. In the free demo, you can find the main tale called "Danny the Bunny and the Magic Carrot Field". The tale is narrated by a professional and besides the story, there is extra content, such as explaining the compound interest effect for children, 10 questions to think about after listening to the tale and 20 vocabulary words to learn.
I have put many hours in working on this project (writing the story, creating the website, building the concept itself of WiseKids) and I would like it work, so that many children can be educated in this relevant topics from an early age.
As a parent, would you like this product? Any ideas on how I can get feedback about the project, and how can I improve it?
Many thanks!

I'm[20 F] very much in confusion so me and my boyfriend[23 M] had a fight last night...i jokingly ask him sometimes to choose between me and her mom if they opposed our relationship most of the time he calmly answers me that he'll choose me but yesterday he suddenly bursted out nd started shouting that you don't even come close to my mom nd he will always choose her over me every time... nd all the time when he said that he'll choose me was just to make me happy I'm so scared coz last night he was so rude he told me to stfu nd said some bad words to me again and again he was repeating this that he will NEVER EVER choose me over his family or his mom..i seriously thought of breaking up with him but i can't seem to do it coz i love him he then apologized to me in the morning nd i forgive him but deep down now i know what is in his mind and I'll be always a second priority to him I don't know if our relationship will workout or idk if i should stay with him now. Nd one more thing I've been with him now for more than a year.

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Texas A&M University (TAMU) is a public land-grant research university located in College Station, Texas. It is the flagship university of the Texas A&M University System and is one of the largest universities in the United States. TAMU was founded in 1876 as the Agricultural and Mechanical College of Texas and has a long and distinguished history. The university has produced many notable alumni, including former U.S. presidents, Nobel laureates, and business leaders.
TAMU is a highly selective university with an acceptance rate of just 65%. The university offers a wide range of undergraduate and graduate programs, including majors in engineering, computer science, business, and the humanities. TAMU also has a strong research focus, and its faculty members have published over 100,000 research papers in top academic journals.
TAMU is a vibrant campus community with a wide range of extracurricular activities available for students. The university has over 1,000 student organizations, including fraternities and sororities, sports teams, clubs, and student government. TAMU also has a strong athletics program, and its teams compete in the Southeastern Conference (SEC).
TAMU is a great choice for students who are looking for a challenging and rewarding college experience. The university offers a wide range of academic programs, strong research opportunities, and a vibrant campus community.
History
Texas A&M University was founded in 1876 as the Agricultural and Mechanical College of Texas. The university was created by the Texas Legislature in response to the growing need for higher education in the state. The university's first president was Lawrence Sullivan Ross.
The university's early years were marked by rapid growth. The student body grew from just 50 students in 1876 to over 2,000 students by 1900. The university also expanded its academic offerings, adding new programs in engineering, law, and medicine.
The university's growth continued in the 20th century. The student body grew to over 20,000 students by 1950, and the university added new programs in business, education, and the arts. The university also built new dormitories, classrooms, and laboratories.
In the 21st century, the university continues to grow and evolve. The student body is now over 70,000 students, and the university offers over 200 undergraduate and graduate programs. The university is also home to a number of research centers and institutes, including the Texas A&M University Health Science Center, the Texas A&M University College of Veterinary Medicine & Biomedical Sciences, and the Texas A&M University Institute for Renewable Energy & Sustainability.
Fee Structure
The cost of attendance at Texas A&M University varies depending on whether you are an in-state or out-of-state student. In-state students pay an average of $10,000 per year in tuition and fees, while out-of-state students pay an average of $30,000 per year.
The cost of attendance also includes housing, food, and other expenses. The average cost of living for a student at Texas A&M University is $15,000 per year.
How to Get Into
Texas A&M University is a highly selective university with an acceptance rate of just 65%. To be considered for admission, you must submit an application, SAT or ACT scores, high school transcripts, and letters of recommendation. You should also write a personal statement that explains why you want to attend Texas A&M University.
The university also considers your extracurricular activities, your personal statement, and your letters of recommendation.
Tips on How to Increase Your Chances Get good grades in high school. Texas A&M University looks for students with a strong academic record. Take challenging courses. Texas A&M University wants to see that you are capable of handling college-level work. Get involved in extracurricular activities. Texas A&M University wants to see that you are a well-rounded student. Write a strong personal statement. Your personal statement is your chance to show Texas A&M University why you are a good fit for the university. Get letters of recommendation from strong teachers or mentors. Letters of recommendation can help Texas A&M University get to know you better and see why you would be a good addition to the campus community. https://www.assignmenthelp.help/texas-am-university-tamu/

Are used car prices extremely low in England compared to NI or are most fb marketplace listings a scam?
Currently looking at Mercedes CLA's Audi A4/A5''s and BMW 3/4 series, average price in NI is 15k+ with around 85,000+ miles
In England the same cars with around 50/60K miles are going for a fraction of the price in and around 5-7.5k.
Are these ads too good to be true? Ive seen so many that it seems that mainland is just alot less cheaper, possibly as NI imports from England and adds a markup, however if anyone could point me in the right direction and some advice for buying from NI to England id greatly appreciate it.

Say "I quit" to us. Say "I quit" to yourself.
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Hey everyone, I just subscribed to Playstation Plus Extra and I've been wanting to play both Marvel's Spider Man Remastered and Miles Morales. As the latter is included on the subscription, I downloaded it and found out you can't upgrade to the Ultimate Edition if you own it through PS+. Apparently though, if I start Miles Morales it lets me buy Spider Man Remastered for 20€.
I was wondering, if I buy it from there do I fully own the Remastered even when my PS+ subscription expires, or is it a license paired to the subscription as it is for Miles Morales?

I recently started learning solos after 450 trio raids and I’m not having a good time. I’m getting better at running mage hand with the 3:0 method but the melee side feels impossible. I watched every possible video and I understand the attack cycle but I can never get into it. Or I can do it for just one cycle until I’m one tick off and I fuck up. I don’t understand how I’m supposed to be tick perfect for the entire fight. It’s so much work just to get to the olm chambers only for me to continuously mess up. After 20 or so solo attempts I’m nowhere any better. Sorry just needed to vent.

Hey I’m 20 years old and this is my second time with Brain fog. The first time was following a concussion when I was 15, it lasted for years. It would vary in severity but everyday it would be there until it just eventually went away. Unfortunately 2 months ago I hit my head again and it came back, this time I’m seeking out help I went to a concussion specialist and they tell me to see a neurologist I see a neurologist he completely dismisses my issues and tries to prescribe me anti depressants. He claimed that since I suffered a major lifestyle change that I was depressed. I am not depressed from this issue if I am depressed it is because of the fog. I really just need advice I’m taking b-12, I’m taking fish oil, I’m following up with the concussion specialist I work out I eat relatively healthy rarely smoke nicotine don’t drink or smoke weed. What do I do who can help me I’m just so frustrated and I don’t know anyone in my personal life who has gone through anything like this. Anything helps and I would like advice.

As a disclaimer; I should mention for this story I will be using the real first names of the people involved because I don't believe giving a first name basis will dox or infringe the privacy of anybody mentioned in this story.
This took place back around the fall of 2020 around late October. One night three of my friends Nate, Charles, Jordan and I decided to meet up at a local park around midnight just located within my friend Jordan's neighborhood to have one of our relentless hot-boxing smoke sessions.
Since this was our senior year of high-school and with the pandemic and political animosity going on at the time; like many other kids we were basically stuck at home for the most part attending online classes and barely getting out of our houses since most public places were closed.
Because of this . . We all ended up smoking weed to kill time and basically have a little bit of fun, so having these "hotbox" sessions wasn't anything new to us since we've been smoking since August of that same year. I recently stopped smoking altogether due to unrelated issues but I digress.
Back to the story.
About an hour after our smoke session the four of us reluctantly agreed to start driving out of the park and around town for a while with my friend Jordan being the driver, Nate in the front passenger seat with Charles and I in the back. Stupid, I know.
20 minutes into our drive being the intoxicated idiots that we were, having the windows cracked. We decided to put on Dead Space ambience music just for shits and giggles as we were making our way out of a residential area and onto a two-way main road that led out into the rural part of town.
To give you an idea of the scenery; we were driving through one of those semi-rural suburban neighborhoods you’d find out in the middle of nowhere. For those of you who live in the rural south or the midwest, you’ll know what I’m talking about.
Since it was completely pitch black and we were practically in the middle of nowhere bumping creepy ambient music while approaching a dimly lit intersection, it began to give off an eerie liminal vibe that was kinda fitting for the season.
As we approached the intersection my mind began to green out and race about the unknown beyond the darkness that enshrined our surroundings.
"Heh it'd be really fucking terrifying if we came across a humanoid like the wendigo or something" I said to myself.
At that point we had reached the intersection and since I was looking to my left I immediately noticed a figure emerging out of the pitch black.
As the figure got under the street light, I realized that what I was looking at was a woman in pigtails dressed in a really classy, clean outfit with a tan blouse and high heels.
I instinctively sobered up and took this as a bad sign from all the stories I’ve heard and just knew something was wrong because who the hell would be out at 1 A.M. in a classy outfit out in the middle of nowhere
In a matter of seconds my worst fear came to life as this woman began to approach the car and I really didn't want any of us taking any chances with this woman.
I started to freak out and told my buddy:
"Jordan . . There's a woman coming at us . . . Turn the car NOW!"
Our friend Nate noticed a second figure dressed in all black slowly emerge from the rear end of the car just about 15 feet away by our right side slowly approaching.
This only instilled more fear in all of us about the situation that was happening before us.
Charles instantly caught on and saw what we were seeing as this woman practically began running at us screaming
"HEY . . HELP ME PLEASE . . STOP"
Charles then began aggressively slapping Jordan's shoulder in a panic Shouting at my friend:
"JORDAN BUDDY TURN THE FUCKING CAR".
Jordan, still zooted of the weed, was confused for a split second before he saw that this woman and the man in black were mere FEET from the car.
In a panic He yelled:
“AH SHIT . . NAH BRO!” as he peeled the car to the right and in the opposite direction from where this woman and man came running from.
We all sobered up a bit being creeped out and confused as to what just happened but laughed it off because of how intoxicated we all still were
Needless to say we still question why the woman was running at us screaming and what the intentions were from the man dressed in all black behind the car.
My morbid curiosity gets the better of me sometimes and I’d like some theories as to what could’ve happened to all 4 of us during that night.

i was on an active delivery for doordash when i was making a right turn and got hit. though it was night and hard to see, technically i was at fault because i’d ‘failed to yield’ on a right turn. basically my little old ford focus was totaled that night, and its not too big of a deal because it had a lot of problems and id been saving up already for a better car. on the other hand, i happened to collide with a brand new looking land rover:/ so when it happened, the guy pulled so far down the street before stopping that i couldn’t see how bad the damage was on his car. anyways, the police arrived pretty quickly and exchanged insurance info for us. so the next morning i called my insurance and told them what happened and this is where i fucked up:
“i was driving for doordash and”
i want to make note that i’m 18, i just moved out and my dad was the one paying for my insurance because i was on his plan, so i had no idea of any rideshare add ons to the insurance because id never had to deal with that.
basically the moment i told the insurance agent that i was delivering for doordash, she told me that i wouldn’t be covered for myself OR the other party and that i should he expecting an email or call back with a formal denial.
panicking, i researched and researched if doordash had any kind of insurance that i could rely on and turns out they do, but only for the other party. and only if i was on an active delivery (which i was). currently i’m waiting on the formal denial letter from my insurance so that i can open a claim for doordash, but the two things i’m so worried about are

1. will doordash deny my claim because i didn’t have the rideshare/delivery add-on from my insurance?
   
2. even though i was on the way to the customers house with the food when i crashed, how can i be sure that they don’t try to deny that i was on an active delivery? about 20 minutes after i crashed i had contacted the customer and told her that i had gotten into an accident and wouldn’t be able to deliver her food so she should contact customer service and cancel her order for her money back. and then the order was cancelled. i also then called customer service and told them i was in an accident and all they did was made sure the order was cancelled. does anyone know if doordash has access to all of my deliveries and even if they were cancelled? also on the police report, he wrote down the time that it was reported and somewhere in the doordash system should show i was on an active delivery at that very time.
   

overall the main thing i’m concerned for and can’t think about anything else over is if all fails… whats gonna happen? because i cant afford to pay for someones rich land rover when i’m having to do doordash in the beginning just to pay for bills and have been trying to scrap up enough extra for a better car… i have no help from family either. has anyone been through something similar?😔

Hey it’s Jade An insecure, 20 year old who will probably drive u crazy. So do not message me if ur easily hurt or sensitive. I’m looking to talk to someone mature who has experienced life and mature. I would prefer consistency and honesty as well as loyalty. My intentions are to vent and unload and maybe even have more than a friendship, who knows.
Please verify with a pic.

Original Source: https://boringmoney.in/p/byjus-is-sued-by-its-lenders (my newsletter Boring Money -- please visit the link if you'd like to subscribe and receive similar posts in your inbox)
--
Four years ago I read an article in The Ken titled The making of a loan crisis at Byju’s. The gist of the story was that Byju’s was an edtech doing phenomenally well selling its digital courses to parents of young students. But these courses were expensive and these parents were poor. So it was also selling them loans to buy these courses. Only, without telling them. Parents would expect a course (which could be cancelled) but would end up with a loan (which couldn’t be cancelled).
Three days ago, Byju’s went to court in New York. Here’s the headline from TechCrunch: Byju’s sues ‘predatory’ lenders on $1.2B term loan, won’t make further payments.
Byju’s is a company that, arguably, made a business out of giving out predatory loans. Now it’s sued its own lenders and accused them of being predatory. I’m not saying that this is poetic justice but.. okay, scratch that. This is poetic justice! If Shakespeare were a finance writer this is the kind of stuff he would come up with.

Everyone wants to lend to Byju’s

In 2021, interest rates were low, loans were cheap. Tech startups were doing great, edtech startups were crushing it. Byju’s, not one to be left behind, had raised a lot of money but money was cheap so it also wanted to borrow. It wanted a $500 million loan from lenders in the US, which it wanted to use to acquire companies there. Instead, it ended up borrowing more than double—$1.2 billion—because lenders practically wanted to throw money at this overachieving edtech startup from India. [1]
The way a term loan such as this works is:

1. A company goes to an investment bank and asks for a loan
2. The bank syndicates this loan to investors, who become the lenders. Everyone comes together in a room and negotiates the specifics of the loan (which can be quite complex, as we’ll see)
3. The loan goes through and everyone’s happy. Presumably, the company likes its lenders, the lenders like the company
4. The original investors might sell the loans they own to other investors. The company’s only talking to an administrative agent representing the lenders, so over time it might not even know who its lenders are

In November 2021, prominent investment managers such as Blackstone, Fidelity and GIC had gone overboard to lend money to Byju’s. By September 2022, Byju’s lenders were desperately selling [2] their loans at a 36% discount on the principal. (Today, Byju’s debt is at a 20% discount, which is also bad.)
It’s likely that Blackstone, Fidelity and other of the OG lenders aren’t Byju’s’ lenders any more. They’ve almost certainly sold off their loans at a loss. Better get paid something than get paid nothing.

Dealers of the dead

If a company’s debt is being sold at a 36% discount, it’s because investors think that the company is unlikely to repay its loans. If you buy such a loan, you potentially stand to gain a lot—because of the discount—but well, you might also just lose everything.
If you’re a regular investment management company, like Blackstone, you don’t want to invest in such a loan. Your investors gave you this money to get predictable returns. If they wanted risk, they’d ask you to buy stocks. You don’t want to get into a fight with your borrower. If you feel they will not pay you back, you take a loss, sell the loans, move on.
If you’re a distressed debt investor, your entire business is to buy such distressed loans from regular investment managers like Blackstone. You’re going to get nasty borrowers who are unlikely to want to repay their loans but that’s okay. Because you’re nasty too. You spend less time on financial models, more in courts and around lawyers. You like to fight to get your money back. Sometimes you might lose, but the times you win, you win big. The wins cover your losses and some more.
Blackstone and the others sold Byju’s’ loans in desperation, and they were almost certainly bought by distressed debt investors. We don’t know who they are exactly, but Byju’s has indicated that one of them is Redwood Capital, a New York-based distressed debt investor.
If you’re a distressed debt investor, this is how it works:

1. You get a loan for super cheap
2. If the company repays its loan, great! You make a lot of money
3. But the company isn’t likely to repay, which is why you got the loan for cheap in the first place
4. So it’s in your best interest to not let the company die a slow death. Instead, you want to kill the company quick. You take the company to court ASAP and take all the money you’re owed while it’s still there

If the new investors waited, say, for a year, and took Byju’s to court after it had actually defaulted on its repayments—there might not be any money left! Byju’s may have given all the money to Lionel Messi or maybe laundered it away someplace the lenders wouldn’t find it. If you’re a distressed debt investor, you want to get Byju’s to court and get the court to force it to do whatever it takes to pay you back.
Last month, Byju’s’ new lenders sued Byju’s in the Delaware Court of Chancery [3]. We’ll get to the official reasons for this lawsuit in a bit, but what’s important is that Byju’s was not being sued because it defaulted on a payment. It hadn’t. It was being sued because the distressed debt investors expect it to default sooner or later, and they would prefer dealing with it sooner rather than later.

Lenders go for the kill

Usually, the finer details of corporate loans such as Byju’s’ aren’t public. But thanks to the multiple lawsuits we know quite a bit here.
The loan was made to Byju’s’ US entity and it was secured with guarantees from multiple Byju’s companies. From Byju’s’ lawsuit this week against its creditors (which I will get to), here are the guarantors:

1. Byju’s entities in India and Singapore
2. Byju’s’ US and Singapore acquisitions; companies including Oros, Epic, Great Learning, and Neuron
3. Whitehat India, Byju’s’ famous Indian acquisition

That’s a lot of companies guaranteeing a loan! Byju’s’ Indian entity is the parent of all the other guarantor companies, so having it as a guarantor should’ve been enough. I guess the rationale here was that it would be nice to have some non-Indian companies in the mix too, we do know how efficiently Indian courts work.
Apart from Byju’s the parent company itself, Whitehat was the only other Indian company guaranteeing this loan. The problem was that Whitehat itself, on paper, had negative net worth. It had probably taken loans of its own and did not have enough assets to cover them. In practice, this would be irrelevant, because Whitehat was owned by Byju’s and it would cover any of Whitehat’s liabilities. But, apparently, RBI regulations require Indian companies with negative net worth to take its approval before guaranteeing a loan. So even though Whitehat was a guarantor, the guarantee was meaningless until RBI granted its approval.
Yeah, well, RBI didn’t grant its approval. From the lawsuit:

Plaintiffs, Borrower, and Lenders had a call on or around October 6, 2022, to discuss the Whitehat Guarantee. In a good faith effort to negate any impact of the new regulations, Plaintiffs and the Borrower offered to move all assets out of Whitehat India into other subsidiaries of the Parent Guarantor that are Guarantors to the Credit Agreement, or are owned by Guarantors of the Credit Agreement.
Lenders rejected this proposal without justification.

In October 2022, after Byju’s’ debt was already sold to the distressed debt investors, the company spoke to its lenders and informed them that it was unable to get RBI’s approval for Whitehat to be a guarantor. Instead, it offered to move Whitehat’s assets into other companies and then use those companies to guarantee the loan. Which would really have been the same thing. But the lenders refused! Why?!
Continuing from the lawsuit:

Lenders subsequently asserted that an event of default under Section 8.1(e) of the Credit Agreement (an “Event of Default”) had occurred due to the failure to procure the Whitehat Guarantee.

Oh, that’s why. Byju’s’ lenders—distressed debt investors that wanted Byju’s dead ASAP—used the fact that Whitehat couldn’t be a guarantor of this loan to claim a default and use it as a reason to take Byju’s to court in the US. Honestly, I’m impressed. The Whitehat guarantee was redundant to begin with, but the lenders had found an out and their official reason #1 to take Byju’s to court.
Oh, there’s another thing. In June 2022, The Ken reported that Byju’s’ financials for 2021 had been held up by its auditors because of certain, umm, creative accounting. By this time, Byju’s should have ideally filed even its 2022 financials. It was very late! From the lawsuit:

The FY’21 Audit was delivered to the Lenders on August 30, 2022. It did not contain a “going concern” qualification or any similar qualifications about the Parent Guarantor’s ability to continue into the future.
However, the FY’22 Audit could not begin until the FY’21 Audit had been completed, and the Parent Guarantor’s business has continued to grow rapidly

Byju’s’ 2021 financials were held up because auditors weren’t giving the company their go ahead, so of course its 2022 financials were held up as well.

On or around August 29, 2022, Shearman & Sterling, LLP (“S&S”), counsel for GLAS, sent a letter to Byju’s Alpha and Think & Learn requesting certain financial disclosures from Plaintiffs and Borrower, and asserting that the failure to deliver this financial information was a breach of the Credit Agreement.
...
Rather than actually suffering any damage from the delayed FY’22 audit, Lenders opportunistically used this unintentional and non-material delay to exert pressure on Plaintiffs and the Borrower to extract onerous economic concessions.

I love it! Byju’s’ financials were delayed. Its agreement with the original lenders said that the company must share its audited financials with them. Byju’s wasn’t able to do that. The lenders found their official reason #2 to take Byju’s to court.

Byju’s sets up an offence

Before the lenders sued Byju’s last month, Byju’s tried its best to negotiate a deal. It gave the lenders an assurance of the company’s financial health, gave them concessions worth “tens of millions of dollars” and requested (pleaded) to take back their claims of Byju’s defaulting.
The lenders refused. They asked for either the full principal back or two-thirds of it, with an increment of 7% (!!) in the interest rate. Byju’s, of course, said no.
At this point, Byju’s knew that the lenders weren’t going to negotiate realistically. So it prepared its own offence. From the lawsuit:

The Credit Agreement prohibits transfers or assignments of the Lenders’ interests in the Term Loans to “Disqualified Lenders.”
The Credit Agreement includes in its definition of Disqualified Lender “[a]ny [] Person (including an Affiliate or Approved Fund of a Lender) whose primary activity is the trading or acquisition of distressed debt,” and “those banks, financial institutions and other Persons separately identified by name . . . on or before the syndication . . . (which may be updated . . . from time to time . . .)”

In its agreement with the original lenders, Byju’s had put in a clause restricting its loan from being transferred to distressed debt investors. This is a risky clause to agree with, because it’s only these folks that buy loans that turn sour, but the original lenders had gone with it.

On information and belief, the entire course of Lenders’, and Defendant’s, bad-faith conduct has been driven by these distressed-debt lenders, who were never meant to have been lenders in the first place, and who acted with the intent of causing harm to Borrower and Plaintiffs. Meanwhile, Borrowers and Plaintiffs were initially unaware that the lenders were in fact being controlled by distressed debt dealers, and were therefore unable to take action to prevent their bad-faith plan from being implemented.

In its lawsuit this week, the crux of Byju’s’ argument is based on the fact that its loan is owned by distressed debt investors who were not eligible to be owning its debt in the first place. Also interesting is that Byju’s doesn’t seem to know who these lenders are. In its post-lawsuit statement, Byju’s named Redwood as one of the lenders, but it’s not named anywhere in the lawsuit.

Now what?

If push comes to shove, does Byju’s have the cash to pay off its lenders?
Last month, Byju’s transferred $500 million out of its US entity. The lenders had filed their lawsuit and there was a chance the court would freeze Byju’s’ US entity’s assets, so this was a precautionary move. So Byju’s has this $500 million. But that seems about it. Byju’s has been in the news saying that it’s trying to raise $700 million to pay off its debt. Yeah, between the horrible edtech market and the colourful lawsuits Byju’s is in, good luck with getting investors to donate their money to Byju’s.
But of course, Byju’s is now suing its lenders too. It does have an agreement that says that its debt can’t be held by distressed debt investors. So it’s not a frivolous suit.
Can Byju’s win? Sure. It would still have to pay its debt eventually. And it’s not straightforward. There are probably tens or even hundreds of lenders. It’s apparent that the distressed debt investors are the guiding force behind the lenders’ lawsuit, but it’s definitely not necessary that they form the majority of the lenders. In which case, Byju’s’ whole lawsuit falls apart.
The lenders are saying Byju’s defaulted by not keeping its part of the agreement, even though it had technically paid its dues. [4] Byju’s is saying that the lenders shouldn’t be the lenders in the first place and must be disqualified. We’ll see who’s right.
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Footnotes
[1] It was a 5-year loan with a floating interest rate of 6% over Libor. Think of it as 6% over this magical interest-rate called Libor that some fancy-pants banks set amongst themselves everyday. Back in November 2021, Libor was at 0.25% and this was a 6.86% interest loan for Byju’s (the floor for Libor was 0.75%). Today, Libor is at about 5.64% and it’s an 11.6% loan.
[2] Multiple reasons for the investors to sell. One, interest rates went up and cash became more dear. If they had money stuck with Byju’s, it was money not being lent out to someone else. Second, edtech all around the world was in trouble. Kids were back in school and people didn’t think much of them anymore. Third, Byju’s as a company was showing its red flags.
[3] What a cool name!
[4] Until now, that is. Byju’s filed its lawsuit this week the same day it was supposed to make a $40 million interest payment.
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Original Source: https://boringmoney.in/p/byjus-is-sued-by-its-lenders