Zee Learn signs a settlement agreement with JC Flowers Asset Restructuring Co.

On Tuesday, Zee Learn Ltd., a company owned by Subhash Chandra's Essel Group, reported that it had reached a settlement with JC Flowers Asset Restructuring Co. (ARC).

 

Zee Learn is among Essel Group companies with a total exposure of Rs 6,500 crore with JC Flowers ARC, which Chandra has been trying to settle.

 

According to reports, Chandra was about to finalise a deal to buy back the family's shares in Zee Learn and Dish TV as well as three properties, including a bungalow in the heart of Delhi, for close to Rs 1,500 crore.

 

Zee Learn said it signed a settlement agreement with JC Flowers ARC on 7 August 2023 to settle its obligations with respect to loans borrowed by certain trusts and entities.

 

The company, in an intimation, further mentioned that till the time the loans are settled in terms thereof, and legal proceedings initiated in connection therewith are either settled/withdrawn, the matters covered under the legal proceedings remain sub judice.

 

Zee Learn operates chain of over 1,700 pre-schools under Kidzee in over 550 cities across India and neighbouring countries, as well as a chain of K-12 schools—Mount Litera Zee School. The company also owns vocational institutes Zee Institute of Creative Arts (ZICA) and Zee Institute of Media Arts (ZIMA).

 

Content source: Media Reports

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