Mumbai: Air India missed the September 30 deadline for repaying a consortium of 26 banks working capital loans of Rs 7,400 crore by raising bonds guaranteed by the government as per its restructuring package. The state-owned airline is now likely to get an extension of one to three months, to repay the loan reducing its exposure to the state-owned banks. A ministerial meeting is to be held next week to sort out the confusion over the guarantee to be provided by the government.
When contacted by Financial Chronicle, an Air India official said in a written communication, “The ministry of civil aviation is in the process of clarifying the issues raised by the ministry of finance and it is anticipated that this will be sorted out soon so that Air India can proceed with the nonconvertible debenture (NCD) issue.”
30/09/12 Manju AB & C Shivkumar/mydigitalfc.com
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When contacted by Financial Chronicle, an Air India official said in a written communication, “The ministry of civil aviation is in the process of clarifying the issues raised by the ministry of finance and it is anticipated that this will be sorted out soon so that Air India can proceed with the nonconvertible debenture (NCD) issue.”
30/09/12 Manju AB & C Shivkumar/mydigitalfc.com
