Zee initiates talks with creditors to expedite Sony merger: Report
The broadcaster has reportedly offered to repay the Rs 1.49 billion loan to IDBI Bank in tranches
Zee Entertainment Enterprises has reportedly initiated talks with its creditors over the settlement of dues and debts to expedite its merger with Culver Max Entertainment (Sony).
The broadcaster has reportedly offered to repay in tranches the Rs 1.49 billion loan to IDBI Bank, one of the creditors that had moved an insolvency plea against the company.
Zee's founders are reportedly also in separate talks with Axis Bank Lts, JC Flowers & Co's asset reconstruction unit to settle dues worth Rs 400 million to their respective entities.
Just last month, Zee paid back dues to IndusInd Bank which had objected to the merger. Many other creditors have been approaching bankruptcy court, demanding that the network settle their dues.
With the repayments out of the way, Zee can merge with Sony to create a media goliath worth $10 billion.
