UB Group, Kingfisher lenders in talks to cut debt

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 USD 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 percent stake in UB Group-controlled United Spirits Ltd for USD 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 USD 2.5 billion to banks, staff, airports and oil companies.

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