4:24 pm - Monday January 26, 2015

Kingfisher Airlines says banks yet to begin recovery process

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.

Filed in: Finance

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