Everonn Education, reportedly as part of its recovery process, will shift its focus from government-funded programmes to the schools and kindergarten education business, where its investor Gems Education has specialization.
The company in previous month only received an approval for the Debt Restructuring plan through a scheme of arrangement with the creditors pursuant to the Companies Act 1956. The board of director at its meeting held on August 20, 2013 had approved for the same
At present, company’s biggest challenge is debt restructuring of Rs 460 crore, which is in its final stages and when that comes through, the company will not only have to reduce the interest outgo but also free up cash flow for business.
Everonn Education is engaged in the development and sale of educational products and services for both Schools and Colleges. In addition to this, the company also has a network of retail centres (both own and franchise) through which it provides training to the individuals and also facilitates various organizations to conduct tests.
