New Delhi, Jan. 6:
The 17-bank consortium that had funded the grounded Kingfisher Airlines
Ltd will meet at Mumbai on January 18. Bankers are expected to take a final
call on initiating recovery proceedings against the beleaguered private
airline, which has a liability of close to Rs 7,500 crore. The airlne’s licence
to fly had expired on December 31. This may, however, be renewed until December
2014.
The promoter, UB Group, had pledged various assets including the
Kingfisher Airlines brand, a villa in Goa and Kingfisher house in Mumbai as
collateral for securing the loans. It is not clear whether the banks would be
able to recover the entire exposure given that the airline is
grounded and the brand may not hold the same value.
Meanwhile, a core group of six banks met at Bangalore on Friday to
discuss the viability of a restart plan presented by the airline. They were
however not enthused by the proposed plan as it did not have any firm
commitment from the promoters on fund infusion in the airline, it is learnt.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/kingfisher-airlines-lenders-to-meet-on-jan-18/article4280590.ece
No comments:
Post a Comment