Molson Coors & Cobra Beer have set up a j-v to take control of the lager brand after Cobra went into a prepackaged administration. The arrangements remain controversial as it is likely that millions of pounds worth of unsecured creditors will not be paid. MC put up an estimated £14M to pay off Cobra's secured creditors and now own 50.1% of a debt-free business. Cobra Beer Partnership Ltd will own the world rights to Cobra, with the exception of the Indian sub-continent. Established in 1989 by Karan (now Lord) Bilimoria, the beer is sold in 6000 predominantly Indian restaurants. He had hopes to take 10% of the rapidly growing Indian market by 2012. Recently, debt has been rolled over at ever increasing interest charges after an aggressive charge into the pub business in 2007, the company was put on the market with a price tag of £150M, but received no offers.
