Kingfisher lenders harden stand, want Mallya's presence at meeting

Mumbai: In a tough stand, lenders to Kingfisher Airlines have asked its chairman, Vijay Mallya, to be personally present and submit his action plan at a meeting to be held by the month-end. The message was given to the airline’s CEO, Sanjay Aggarwal, at a meeting here on Wednesay.
State Bank of India Chairman Pratip Chaudhuri said Mallya’s presence was necessary to get a “clearer picture” about the airline’s plan. “We would not go by promises or projections. We would like to see action,” Chaudhuri said. “This is a difficult case because the losses are pretty heavy. So, nobody should expect quick solutions. There may be a need for many more meetings and more concerted action. After all, it is Kingfisher’s problem and Kingfisher has to be right in front trying to solve it,” he said.
Chaudhuri made it clear the airline would have to infuse capital if it were to come out of the crisis, as other options such as asking for more collateral or selling properties to recover money might not be feasible.
06/09/12 Business Standard

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Categories: Kingfisher Sep 2012