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Mallya to submit new revival plan to bankers on Oct 30

Our Bureau Bangalore | Updated on September 27, 2012 Published on September 27, 2012

Kingfisher Airlines will soon submit a definite revival plan to its lenders that will help the carrier attract fresh investors. The total exposure of the banks to the airline is over Rs 7,000 crore.

The airline’s Chairman, Vijay Mallya, told the representatives of the bankers’ consortium on Thursday that he would present a full revival plan at the next meeting on October 30. About 14 representatives from banks were present at the meeting when Mallya made his presentation. This is perhaps the first time that Mallya has been present at the meeting with the consortium representatives.

“The outcome of the meeting was positive,” one of the bankers said. Some of the other bank representatives said that they are willing to wait for some more time, as the airline had shown willingness to put together a revival plan. “It was clear from the presentation that the move was to revive the airline rather than closing it down,” one of the bankers said.

In the meeting that lasted over two hours, Mallya is learnt to have clarified doubts raised by the lenders.

giriprakash.k@thehindu.co.in

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Published on September 27, 2012
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