Lenders target Kingfisher assets

A consortium of 17 lenders to Kingfisher Airlines is mulling the sale of the debt-ridden carrier’s two properties in Mumbai and Goa even as the airline’s employees have threatened to stop working from Friday if they are not paid salaries and dues by Thursday night.
The asset sale will help the lenders to recover a part of the outstanding loans worth over Rs 7,500 crore.
The banks, which include the State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Uco Bank and IDBI Bank, are believed to have appointed HDFC Securities to carry out a valuation of these properties.
The lenders expect to raise around Rs 120 crore through the sale of these properties.
The move to monetise the two properties was discussed at a meeting between the lenders and the company at the SBI headquarters here today.
Sources said the airline’s property in Mumbai — Kingfisher House — has a market value of around Rs 90 crore, while the villa in Goa is valued at over Rs 30 crore.
06/07/12 The Telegraph

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Categories: Kingfisher Jul 2012