Indian firm Cox & Kings weighs sale of European hotel chain to cut debt

Shares of Cox & Kings, which defaulted on some of its borrowings earlier this year, have fallen 98% over the last 12 months to give it a market value of about $11 million

Cox & Kings Ltd., the Indian travel company, is exploring a potential sale of European hospitality chain Meininger Hotels as it seeks to cut debt, according to people with knowledge of the matter.

The company is working with Lazard Ltd. to gauge interest from potential suitors for Berlin-based Meininger, said the people, who asked not to be identified because the information is private.

Meininger operates 28 budget hotels in Germany and other parts of Europe, including recent openings in Brussels and Heidelberg, and has a pipeline of about 15 more locations. The business recorded about 111 million euros ($122 million)