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Zee Entertainment to repay IndusInd $10 million to wrap Sony deal: Report
The bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.
According to Bloomberg, Zee Entertainment Enterprises has agreed to pay back debts owing to IndusInd Bank Ltd. as the business works to end insolvency proceedings brought against it and move closer to completing a merger with a Sony Group subsidiary to establish a $10 billion media conglomerate.
The repayment of the lender's approximately Rs 837 million ($10 million) debt could take place as soon as this Friday, and the Mumbai-based bank has agreed to drop its insolvency case against the media company once the repayment is made.
IndusInd Bank sought to initiate insolvency procedures against Zee in February. This step may have jeopardized the merger by halting all operations, including asset transfers. The media company's insolvency proceedings were suspended last month by the National Company Law Appellate Tribunal, an appeals court.