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HindustanTimes Fri,19 Sep 2014

No more funds, lenders tell Kingfisher Air

HT Correspondent, Hindustan Times  Mumbai, September 05, 2012
First Published: 19:17 IST(5/9/2012) | Last Updated: 10:21 IST(6/9/2012)

The consortium of lenders have agreed to give some time to the cash-strapped Kingfisher Airlines, while refusing to provide any more funds till their concerns are addressed.

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While expressing their unease at an inconclusive meeting on Wednesday to the KFA promoters, the lenders sought more clarity from them on their plans to revive the airline. 

“We have requested detailed presentations for us to figure out how the KFA business is moving forward and what are the kind of things happening inside the system which is adding value,” a banker said.

The airline has 17 lenders led by the State Bank of India, which has an exposure of R1,500 crore to the airline.

The lenders want KFA chairman Vijay Mallya to make the presentation at the next meeting scheduled later this month.

“Once we understand clearly, which we couldn't today, we could probably take a call," said the banker.


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