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Business Wire
a day ago
- Business
- Business Wire
The GEO Group Closes Sale of Company-Owned Lawton Correctional Facility in Oklahoma for $312 Million
BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group, Inc. (NYSE: GEO) ('GEO' or the 'Company') announced today that on July 25, 2025, the Company completed the sale of the GEO-owned Lawton Correctional Facility (the 'Lawton Facility') located in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections. As previously disclosed, GEO expects to use the net proceeds from the sale of the Lawton Facility to acquire the 770-bed Western Region Detention Facility located in San Diego, California in a like kind real estate property exchange expected to close on July 31, 2025, and to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Company's recently amended Credit Agreement. These transactions are expected to reduce GEO's total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns. George C. Zoley, Executive Chairman of GEO, said, 'We believe that the successful sale of our Lawton Facility is representative of the intrinsic value of our Company-owned facilities, which now total approximately 50,000 beds. We believe this important transaction is a significant deleveraging event that further strengthens our balance sheet and represents an important step to position our Company to consider potential future capital returns. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.' About The GEO Group The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO's diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO's worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees. Use of forward-looking statements This news release may contain 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
The Hindu
19-07-2025
- Business
- The Hindu
Byju's founders' threat of defamation case an attempt to distract from facts: Glas Trust
U.S.-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday (July 17, 2025) said they are gearing up to file an over $2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a U.S. federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Mr. Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes $1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds. Glas Trust said judgments exceeding $533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The U.S. lenders' agent said that it has at all times acted within its rights. "Mr. Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing $533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that U.S. Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in U.S. courts. The agent of U.S.-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
Economic Times
19-07-2025
- Business
- Economic Times
Byju's founders' threat of defamation case an attempt to distract from facts: Glas Trust
US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over $2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust Trust Company LLC is the trustee for lenders to whom Byju's owes $1.2 billion. Byju's founders have, however, contested Glas Trust Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds. Glas Trust said judgments exceeding $533 million have been entered against Raveendran's allies, "including for their fraudulent conduct"."Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust US lenders' agent said that it has at all times acted within its rights."Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing $533 million should be lost on no one," Glas Trust alleged that GLAS Trust continues to distract from the true situation in India."It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being said that the term 'co-horts' is misleading and alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal Trust initiated legal proceedings against Byju's and its founders in US agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
Mint
19-07-2025
- Business
- Mint
Byjus founders threat of defamation case an attempt to distract from facts: Glas Trust
New Delhi, Jul 19 (PTI) US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over USD 2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes USD 1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal USD 533 million of loan proceeds. Glas Trust said judgments exceeding USD 533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The US lenders' agent said that it has at all times acted within its rights. "Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing USD 533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in US courts. The agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
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Business Standard
19-07-2025
- Business
- Business Standard
Glas Trust calls Byju's defamation threat a bid to divert from court orders
US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over USD 2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes USD 1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal USD 533 million of loan proceeds. Glas Trust said judgments exceeding USD 533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The US lenders' agent said that it has at all times acted within its rights. "Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing USD 533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in US courts. The agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
