• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset Realasset
moneycontrol.com

Home » News » CNBC-TV18 Comments

Jul 12, 2012, 08.23 AM | Source: CNBC-TV18

Kingfisher, lenders meet inconclusive; may meet next month

The much-anticipated meeting between the management of the crippled Kingfisher Airlines with the consortium of 17 banks, which have a combined stressed exposure of over Rs 7,500 crore to airline, today failed to make any headway.

Like this story, share it with millions of investors on M3

Kingfisher, lenders meet inconclusive; may meet next month

The much-anticipated meeting between the management of the crippled Kingfisher Airlines with the consortium of 17 banks, which have a combined stressed exposure of over Rs 7,500 crore to airline, today failed to make any headway.

Post Your Comments

Share Cancel

The much-anticipated meeting between the management of the crippled Kingfisher Airlines with the consortium of 17 banks, which have a combined stressed exposure of over Rs 7,500 crore to airline, today failed to make any headway.
 
The meeting, held at the State Bank of India headquarters in Mumbai, was attended by most of the lenders and the airlines' Chief Executive Officer Sanjay Aggarwal and Chief Financial Officer H G Raghunath.
 
Though the airline made a presentation, they could not commit on fresh fund infusion, according to bankers.
 
Lenders' sources said the meeting could not make any headway as the company could not commit on fresh fund infusion.

Also read: Lenders to Kingfisher to sell its properties: SBI
 
They, however, have appointed HDFC Securities to value two of the already pledged properties of Kingfisher - the Kingfisher House in Mumbai, which has a market value of around Rs 90 crore, and a villa in Goa, having a market value of Rs 30 crore.

There was also a discussion on the status of the promoters’ pledged shares. At the meeting today, an option was discussed where the company can go ahead and buyback some of these shares.

Bankers, who have over 20% stake in the airlines following last Corporate Debt Restructuring (CDR), also said they may meet next month.

At the last meeting of the consortium in March, the bankers insisted on the promoters bringing in at least 50% of the fresh funding requirement (around Rs 2,000 crore) as a precondition for any new advances to the airline, after it stopped servicing its loan from January.

(With inputs from PTI)

Watch the accompanying video for more details..

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Kingfisher, lenders meet inconclusive; may meet next month

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login