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LONDON: British lawmaker and industrialist Mr Karan Bilimoria, the founder of Cobra Beer, has pledged to pay back creditors who lost £70 million when the company went into a pre-pack administration.

A pre-pack is the process of selling the assets of a company immediately after it has entered administration.

Mr Bilimoria said that he hoped, over several years, he would be able to reach a settlement with the majority of unsecured creditors, including more than 300 small trade creditors.

He promised to repay a proportion from his share of revenues from the re-launched Cobra Beer Partnership - the joint venture that acquired the brand from administration in May after an attempt to push through a company voluntary arrangement was scuppered at the last moment.

The joint venture is controlled by Molson Coors, the North American brewer, which paid £14 million for a 50.1 per cent stake, with Bilimoria and the other Cobra shareholders owning 49.9 per cent. - PTI

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