Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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UB in talks with Kingfisher lenders to cut debt

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Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai March 20, 2012. REUTERS/Vivek Prakash/Files

Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai March 20, 2012.

Credit: Reuters/Vivek Prakash/Files

NEW DELHI | Fri Feb 15, 2013 1:49pm IST

NEW DELHI (Reuters) - UB Group, the parent of debt-laden Kingfisher Airlines(KING.NS), 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 (DGE.L).

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 funding plan.

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)
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