Kingfisher Airlines says banks yet to begin recovery process

Kingfisher Airlines says banks yet to begin recovery process

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Troubled Kingfisher Airlines, on July 5, 2012 said that its lenders have not yet stared the recovery process after a meeting of the bankers earlier in the day. The Indian airlines has a debt of $1.4 billion at the end of March.

The airlines said that it had earlier approached the bank with a proposal to sell building that it owns in Mumbai. The matter was discussed in the meeting held on Thursday. A senior executive from the State Bank Of India earlier said that the lenders to Kingfisher expect to recover about ₹1.35 billion by selling its properties in Mumbai and Goa. The bank had also given the airline 15 days to come up with some concrete steps to improve the operations.