Kingfisher says banks have not started recovery process
Beleaguered Kingfisher Airlines said on Thursday that its lenders have not started recovery proceedings after a bankers' meeting earlier in the day.
July 05, 2012 / 14:51 IST
Beleaguered Kingfisher Airlines said on Thursday that its lenders have not started recovery proceedings after a bankers' meeting earlier in the day.
The loss-making carrier, saddled with debt of USD 1.4 billion at the end of March, said it had previously approached its banks with a proposal to sell a building it owns in Mumbai, and that was discussed at Thursday's meeting.Earlier, a senior executive at State Bank of India told Reuters that lenders to Kingfisher expect to recover about Rs 135 crore by selling properties in Mumbai and Goa and gave the airline 15 days to come up with 'concrete steps' to improve operations.(USD 1 = 54.45 rupees)Related Articles Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
