Mumbai: Lenders to Kingfisher Airlines appointed SBI Capital Markets for the third time in as many years to work out a restructuring plan as promoter Vijay Mallya failed to come up with equity investment details yet again, two bankers present at the meeting said. The government's decision to permit 49% foreign direct investment in domestic carriers bought three more weeks for Mallya to come up with the equity funding plan.
Bankers also rejected a proposal from the company to revoke the pledge of Mallya's palatial bungalow on the Goa seafront and provide an alternative asset as collateral during their two hour long meet where Mallya, Kingfisher Airline chief executive Sanjay Aggarwal and UB Group chief financial officer Ravi Nedungadi were present. The company's request for an immediate Rs 200 crore loan to keep the airline afloat was also rejected by the bankers given that there has been little progress on paper about fresh equity investment, said the bankers, who did not want to be identified.
27/09/12 Sobia Khan, Biswarup Gooptu & Sangita Mehta/Economic Times
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Bankers also rejected a proposal from the company to revoke the pledge of Mallya's palatial bungalow on the Goa seafront and provide an alternative asset as collateral during their two hour long meet where Mallya, Kingfisher Airline chief executive Sanjay Aggarwal and UB Group chief financial officer Ravi Nedungadi were present. The company's request for an immediate Rs 200 crore loan to keep the airline afloat was also rejected by the bankers given that there has been little progress on paper about fresh equity investment, said the bankers, who did not want to be identified.
27/09/12 Sobia Khan, Biswarup Gooptu & Sangita Mehta/Economic Times
