Troubled Indian conglomerate Sahara India Pariwar said it had averted the forced sale of London's landmark Grosvenor House hotel by its creditors, thanks to a last-minute deal with Britain's billionaire Reuben brothers.
Sahara, which also owns the Plaza Hotel in New York, bought the Grosvenor in 2010. But it has since slid into a legal quagmire, after bonds it sold to millions of small investors were found to be illegal.
The company's boss and founder has been in jail since March last year, and Sahara has been struggling with a string of deals to raise US$1.6 billion in bail.
Grosvenor House was placed in administration and put up for sale in March, after a loan to Sahara from Bank of China backed by the property operated by Marriott International was declared in default.
Sahara on Sunday said the Reuben brothers were in the "final stage" of taking over the loan portfolio from the Bank of China.
"The deal restores Sahara's ability to renegotiate the loan terms with the new lender, or with third parties," it said.