Bangalore: Even as the UB Group is being pushed to the wall by creditors who have managed to secure a virtual freeze on its assets, chairman Vijay Mallya is set to face shareholders over a series of annual general meetings during the next couple of weeks.
It was around this time a year ago that the group first announced it was negotiating with British liquor company Diageo for a stake sale and also talking to foreign carriers for a possible investment in Kingfisher Airlines (KFA), both of which were seen to offer a way out of its financial troubles and to rescue the carrier.
However, the group's woes have piled up in the year since. While lenders have claimed some of the pledged assets, the airline and its parent are fighting numerous court cases, including winding-up petitions filed by some creditors, because of which they have been restrained from selling or transferring assets. Besides, the airline's lenders are also eyeing the money received from the Diageo deal.
09/09/13 Indian Express
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It was around this time a year ago that the group first announced it was negotiating with British liquor company Diageo for a stake sale and also talking to foreign carriers for a possible investment in Kingfisher Airlines (KFA), both of which were seen to offer a way out of its financial troubles and to rescue the carrier.
However, the group's woes have piled up in the year since. While lenders have claimed some of the pledged assets, the airline and its parent are fighting numerous court cases, including winding-up petitions filed by some creditors, because of which they have been restrained from selling or transferring assets. Besides, the airline's lenders are also eyeing the money received from the Diageo deal.
09/09/13 Indian Express
