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.
- Despite Mulayam's Peace Efforts, Rift Widens Between Akhilesh, Shivpal
- Neelabh's Toon: Akhilesh, Shivpal Spar Creates Rift in Samajwadi Party
- Feud Won't Affect Muslim Votes, Says SP's Azam Khan, Analysts Not So Sure
- Samajwadi Party Youth Wing Torches Effigy of Amar Singh
- Mosul Offensive Displaced 7,000 People: UN
- Iraqi Forces Encounter Stiff Resistance from ISIS in Mosul
- I Want To Be My Best For My Daughter: Shahid Kapoor
- Theatre Is a Beautiful Platform, Says Shahid Kapoor