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Travel company Cox & Kings Ltd is considering sale of its European hotel chain Meininger Hotels, according to a report in Bloomberg.
The deal has not been finalised and the Mumbai-based company could decide to keep the hotel chain, sources told the news agency.
Financial advisory firm Lazard is reportedly working with Meininger to help it find potential suitors.
Moneycontrol could not independently verify the story.
Berlin-based Meininger operates 28 budget hotels in Germany and other places in Europe.
Meininger reported revenue of about 111 million euros ($122 million) for the year ended March 2019, the report said.
Cox & Kings has in the past few months defaulted on multiple payments of commercial papers.
"The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible," Cox & Kings said in a statement in July.
The Cox and Kings stock hit a 52-year low on August 30 after the company announced a delay in holding its annual general meeting (AGM).Subscribe to Moneycontrol Pro and gain access to curated market data, trading recommendations, stock analysis, investment ideas and insights from market gurus. Now, get Moneycontrol PRO for 1 year at Rs 289. Use code FREEDOM.
