Mumbai: The board of directors of the cash-strapped Kingfisher Airlines will meet in Mumbai on Tuesday after an eight-hour meeting failed to draw up a rescue plan for the airline on Monday.
The board meeting was to discuss the company's performance in the second quarter of the current fiscal and to draw up a financial plan. Having reported a loss of Rs.1,027 crore in 2010-11, Kingfisher is working on a strategy to cut its burgeoning Rs. 7,000-crore debt.
The company has borrowed from a consortium of 11 banks, which would have to be satisfied with the viability of the company.
15/11/11 The Hindu
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