Mallya protects pvt jet from lenders, what about booze biz?

If you thought Mallya was in a terrible financial shape, digest this: Mallya is now shifting his one and only private jet to a safe haven ( his UB group) to prevent frustrated lenders from attaching it for recovering dues.
At a time when lenders to bankrupt Kingfisher Airlines are assessing the possibility of liquidating non-core assets like real estate of the shrinking airline, the UB Group has shifted the ownership of a customised corporate jet used by promoter Vijay Mallya from Kingfisher Airlines to a group holding firm, says an Economic Times report
Banks have lent around Rs 7,000 crore to the airline and are now anxious to recover at least a part of the dues by selling some of the assets pledged with them. Though it does not seem as if all the loans are covered by collateral, they are in the process of valuing the airline’s non-core assets to see what they may ultimately get for their bad loans. Lenders have asked for a revaluation of the Kingfisher Airlines brand, which was pledged with them by the airline’s promoters in 2010 to raise Rs 200 crore in debt.
11/07/12 First Post.com

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Categories: Kingfisher Jul 2012