NEW DELHI, Feb 15 (Reuters) - India's 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
UK drinks group Diageo agreed last November to buy a 53.4
percent 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.
(Reporting by Anurag Kotoky)