New Delhi, Sep 18 (SocialNews.XYZ) Edtech major BYJU’s on Monday said it will clear the full and final settlement dues of laid-off employees soon amid "difficult business restructuring".
In a statement, the company said it "regrets and acknowledges the delays in settling dues of former employees".
"As we work through a difficult business restructuring, we are committed to meeting all our obligations as soon as possible," it said.
According to the new timeline provided in an email to sacked employees, as reported by the media, they can now expect to receive their outstanding payments by November 17, as against the earlier September 15 deadline.
"This is to inform you that the full and final settlement amount will be released latest by 17th November 2023. We are sorry for the inconvenience caused," read the email.
BYJU’S laid off nearly 1,000 employees across departments, including mentoring, logistics, training, sales, post-sales and finance in June this year.
Meanwhile, the edtech major is mulling to sell some of its subsidiaries, like Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).
BYJU'S is looking to raise up to $400 million-$500 million from US-based kids’ learning platform Epic it acquired in May 2022 for about $500 million, according to people familiar with the matter.
The edtech major is also mulling to sell education and upskilling firm Great Learning, and raise more than $500 million, sources said.
Reports also surfaced that the company is offering to repay $300 million of the debt within three months if the proposal is accepted while repaying the remaining amount in the next three months. The lenders are reportedly reviewing BYJU’s proposal.