The lenders of Subhash Chandra-backed Essel Group have agreed that there will not be any event of default declared till 30th September 2019, due to the movement in the stock price of the group’s listed corporate entities.
This consent provides the required amount of time for the Group’s management, to complete the strategic sale process of its key assets.
Essel Group said it has secured a formal consent with lenders, which are having a pledge on shares held by the promoters in ZEE Entertainment Enterprises and Dish TV India.
In a statement issued last week, the Group had earlier confirmed that an understanding with the lenders was achieved, and the same has been finalized now.
During the meeting, the management of Essel Group once again reassured the lending entities, that within the mentioned time frame a complete resolution will be achieved, leveraging the stake sale process.
Chairman of Essel Group, Subhash Chandra, said: “I am glad that the formal consent with the lenders has been achieved. We are now positively focussed on completing the strategic sale process, with the esteemed support of our lenders.”―The Hindu Business Line