Zee Agrees To Settle Siti Networks’ Default To Standard Chartered Bank

Zee Entertainment Enterprises Ltd. signed a pact with Standard Chartered Bank (StanChart) to resolve Siti Networks Ltd.’s debt default under a one-time settlement agreement.

The bank had granted certain credit facilities to Siti Networks, which defaulted in its debt repayment obligations, the media company said in a stock exchange announcement. The credit facilities were secured by debt service reserve account (DSRA) support and an undertaking of Zee, it added.

Therefore, the company has entered into a one-time settlement agreement with StanChart in respect of DSRA claims and undertaking to resolve the issues between the parties amicably, Zee said.

Zee, which didn’t reveal the financial details, said there’s no impact on the financial position of the company.

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