Zee Learn reaches deal with JC Flowers ARC

livemint.com:

MUMBAI : Subhash Chandra’s Essel Group-owned Zee Learn Ltd on Tuesday confirmed signing a settlement agreement with JC Flowers Asset Restructuring Co. (ARC). Zee Learn is among Essel Group companies with a total exposure of ₹6,500 crore with JC Flowers ARC, which Chandra has been trying to settle.

Mint broke this news first on Tuesday that Chandra was close to signing a definitive agreement for close to ₹1,500 crore to regain ownership of the family’s stake in Dish TV and Zee Learn as well as three properties, which includes a bungalow in central Delhi. Mint reported that Chandra will repay the settlement amount in a phased manner by 31 March 2024. While it is not clear where Chandra will get the money to settle the debt, people familiar with the development said there are certain planned liquidity events to help repay the debt.

In a filing to the stock exchanges, 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time the loans are settled in terms thereof, and legal proceedings initiated in connection therewith are either settled/withdrawn, the matters covered under the legal proceedings remain sub judice.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.