Beleaguered Kingfisher Airlines said on Thursday that its lenders had not started recovery proceedings after a bankers' meeting earlier in the day.
The loss-making carrier, saddled with debt of $1.4 billion at the end of March, said it had previously approached its banks with a proposal to sell a building it owns in Mumbai, and that was discussed at Thursday's meeting.
Earlier, a senior executive at State Bank of India told Reuters that lenders to Kingfisher expect to recover about Rs 135 crore by selling properties in Mumbai and Goa and gave the airline 15 days to come up with 'concrete steps' to improve operations.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app