United Breweries Group, the parent of Kingfisher Airlines, today said it is in talks with the lenders to the debt-laden carrier to cut their exposure by using the proceeds from a stake sale in a group company, United Spirits, to Diageo Plc.
Here is the complete statement from United Breweries.
We have received no formal communication from the banks till date.
We are in continuing discussions with them on ways to bring down their exposure, inter alia, from the proceeds of the Diageo transaction.
The banks explicitly support the transaction with Diageo and would work with us in finding an orderly method of disposal of some of the pledged shares to Diageo if appropriate.
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