Indian travel firm Cox & Kings Ltd is mulling the sale of another of its businesses as it looks to ease its financial woes.
According to people with knowledge of the matter, it is actively seeking a buyer for European chain Meininger Hotels.
Cox & Kings has reportedly instructed Lazard Ltd to find a buyer.
Meininger has 28 budget hotels in Europe and a development pipeline of an additional 15.
It generated about $122 million in the last financial year.
Shares in Cox & Kings Ltd have slumped 98% in the past year after defaulting on several loans.
It is thought to be more than $400 million in debt.
The company said it is taking ‘all required measures’ and ‘evaluating each business.’
