Kingfisher Airlines: Aircraft lessors, bankers invoke United Breweries' corporate guarantee

New Delhi: Certain aircraft lessors and bankers to ailing Kingfisher Airlines (KFA) have invoked corporate guarantees given by Vijay Mallya-led United Breweries (Holdings) and negotiations are on over the issue.
As on June 30 this year, the total corporate guarantees to banks and aircraft lessors stood at Rs 8,919.86 crore, according to UB Holdings' auditor Vishnu Ram & Co.
"Certain aircraft lessors and bankers have invoked the corporate guarantees given by the company ( UB Holdings) on behalf of KFA. The total amount invoked and outstanding as on 30-06-2012 is Rs 835.77 crore and KFA is under negotiation in this regard with beneficiaries," the auditor report said. United Breweries (Holdings), along with its subsidiaries, has an overall exposure of Rs 13,014.17 crore in Kingfisher Airlines (KFA), it added.
08/08/12 PTI/Economic Times

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Categories: Kingfisher Aug 2012