Kingfisher's banks give 15 days for revival plan

Lenders to Kingfisher Airlines have given the beleaguered airline 15 days to come up with "concrete steps" to improve its operations, a senior executive at its lead bank told Reuters on Thursday.
Kingfisher, controlled by liquor baron Vijay Mallya, has never made a profit in a struggling Indian airline industry and has seen its domestic market share fall from second to last among the country's six big carriers after grounding most of its fleet.
"They have to give us a report on what steps they have taken so far, what challenges they are facing," an executive with State Bank of India told Reuters after meetings between the airline and banks on Thursday.
SBI is the leader of a consortium of lenders to Kingfisher, which had $1.4 billion in debt at the end of March.
05/07/12 Swati Pandey/Business Standard

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Categories: Kingfisher Jul 2012