ZEE Entertainment Enterprises Limited (ZEEL) has commenced talks with its creditors to settle outstanding debts, ahead of its merger with Sony.
This is reported to be the final hurdle before the official ZEE-Sony merger, which would create a $10 billion media giant.
Mint reports that ZEEL has offered IDBI Bank Ltd around 1.49 billion rupees ($18.1 million) in tranches. The founders of ZEEL are said to be in separate discussions with Axis Bank Ltd. and JC Flowers & Co.’s asset reconstruction unit to settle dues of 400 million rupees each made to entities controlled by them.
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The merger is expected to be complete this summer.