Kingfisher Airlines lenders to meet on Wednesday

Mumbai: The consortium of lenders to the near-bankrupt Kingfisher Airlines (KFA) will meet here on Wednesday to discuss the way forward with their exposure to the Vijay Mallya-promoted carrier.
"We (the lenders and Kingfisher Airlines) will meet here on Wednesday," SBI Chairman Pratip Chaudhuri told reporters here on the sidelines of a banking event.
As many as 17 banks, led by SBI, have exposure of over Rs 7,000 crore in advances to the crippled carrier, which has not been servicing its debt since January and not paying salaries from March, forcing its pilots and engineers to strike work several times in the past five months.
Apart from this huge debt, the private airline also has an accumulated loss of over Rs 8,000 crore. Since its launch in May 2005, the carrier has not made profit.
03/09/12 Daily News & Analysis

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Categories: Kingfisher Sep 2012