Kingfisher gains on United Breweries loan hopes
Feb 19 2013 , Mumbai
United Breweries said it had raised the limit of loans for Kingfisher to 7.5 billion rupees from 3 billion rupees, according to an exchange filing on Monday.
The statement came after lenders to Kingfisher said on February 12 that they would take initial steps towards recovering $1.4 billion of loans in default after the company failed to come up with a viable funding plan.
UB Group, the parent of both Kingfisher Airlines and United Breweries, has told lenders it would consider using proceeds from a stake sale in a separate group company to Diageo Plc.