DON'T SHARE NUISANCE.
UB Group in talks with KFA lenders to cut debt
UK drinks group Diageo agreed last November to buy a 53.4 per cent stake in United Spirits Ltd for $2.1 billion under a two-stage process.
New Delhi: UB Group, the parent of debt-laden Kingfisher Airlines, said it was in talks with lenders to the carrier to cut their exposure by using proceeds from a stake sale in a group company to Diageo Plc. The statement comes days after lenders to Kingfisher said they would move ahead towards recovering $1.4 billion of loans in default after the company failed to come up with a viable funding plan.
UK drinks group Diageo agreed last November to buy a 53.4 per cent stake in UB Group-controlled United Spirits Ltd for $2.1 billion under a two-stage process.
Kingfisher, which has been stripped of its flying licence and has not flown since October, owes an estimated $2.5 billion to banks, staff, airports and oil companies.
Recommended For You
- When Caste Killed Community in Saharanpur
- Virender Sehwag Asked to Apply for the Post of India Coach
- Take a Journey Through the Lives of Famous Sportsmen With These Films
- GM Accused in Lawsuit of Cheating on Diesel Truck Emissions
- Exclusive: Read Excerpts From Sita: Warrior of Mithila by Amish Tripathi