Debt recast: Banks ask for Air India board seats

New Delhi: Air India's debt restructuring has hit a hurdle as banks say they want seats on the airline's board after they agreed to convert 40 per cent of its short-term debt, or Rs 7,000 crore (Rs 70 billion), into equity.
"The consortium restructuring the debt has raised concerns over not getting any representation in the board even after converting a substantial part of the debt into equity," said a senior civil aviation ministry official, who did not want to be identified.
27/12/11 Rediff.com

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Categories: Air India Dec 2011