Sunday, April 3, 2016

Vijay Mallya-led UB Group secured a complex funding in US

NEW YORK: Away from the furore over huge loan default in India by Vijay Mallya-led UB Group, its US-based brewery arm has secured a complex funding that it intends to repay later with a 'bridge loan' from its parent.

California-based Mendocino Brewing Company, which sells a number of beer brands, including Kingfisher in the US, has got Mallya as its chairman and is owned by UB Group through a complex shareholding structure.

In a regulatory filing with the US markets regulator SEC (Securities and Exchange Commission), Mendocino has disclosed having issued a 'promissory note' to Delaware-based Catamaran Services, Inc, in the principal amount of $325,000 (over Rs 2 crore).

It further said Mendocino had earlier also issued four promissory notes to Catamaran between January 2014 and June 2015, for principal amounts of $500,000 each.

Catamaran's sole shareholder is an entity named Catamaran Holdings, Ltd, which interestingly "has directors in common with Inversiones Mirabel SA", one of the major shareholders of Mendocino.

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