Educational company BYJU’S and the steering committee of ad hoc term loan lenders who collectively own more than 85% of the company’s $1.2 billion term loan agreed to complete and sign a term loan amendment prior to Aug. 3. Successful execution of the amendment would immediately solve for the loan’s acceleration and end all open litigation while avoiding further enforcement actions.

The steering committee issued the following statement regarding the agreed upon timeline:

“We are pleased to make progress with BYJU’S toward a completed loan amendment. This announcement is consistent with our stated goal of working constructively with BYJU’S management to protect the value of the franchise. We look forward to completing the loan amendment over the next two weeks and are committed to doing our part to deliver on our agreed upon timeline.”

Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis, Cahill Gordon & Reindel and Shearman & Sterling are serving as legal advisors.