New Delhi: Air India's debt woes are far from over with the public sector carrier now complaining that lenders are refusing to restructure loans of Rs 18,000 crore despite RBI approving the recast five months ago and the government stepping in to sweeten the deal for banks.
The Air India management , which is facing fresh protests from employees and pilots, blamed the government and the lenders for the current financial mess. Unless the financial restructuring plan (FRP) is implemented, under which the capital account loan for aircraft purchase is taken over by the government and AI's working capital loan get softened, there is no hope for the airline, they said.
"With these moves, we expect a monthly relief in cash outflow of Rs 400-450 crore. This saving will help us meet our working capital loans, especially the fuel and salary bills," said an official. While admitting that the airline has been unable to pay salaries on time, the official said the salary and allowance due to employees are Rs 791 crore.
Employees are planning to wear black bands to protest the non-payment of salary and dues as a prelude to the April 1 deadline when pilots of both erstwhile AI and Indian Airlines may stop reporting to work unless their wage dues are cleared.
26/03/12 Economic Times
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