Cox & Kings to Sell Businesses to Raise Much-Needed Cash
Photo Credit: The Meininger St Petersburg. The company is owned by Cox and Kings. Meininger
Skift Take
With the hostel market still so fragmented, the Meininger business would make an attractive option for one of its rivals or perhaps a private equity firm.
Indian travel group Cox & Kings is looking to sell assets as part of a plan to raise much-needed funds.
The company’s share price has fallen by half in the last month and on Thursday it revealed it had defaulted on debt payments, having paid only $7.3 million (500 million rupees) of the $29 million (2 billion rupees) owed.
Several credit ratings agencies have also downgraded the company, adding to its problems.
"[D]ue to cash flow mis-match and a situation exacerbated by rating downgrade, the company proposes to meet its
