MUMBAI/NEW DELHI: Lenders to debt-ridden Kingfisher Airlines will consider selling shares of UB Group companies, pledged to an SBI-led consortium of 17 lenders that have a combined exposure of R7,000 crore, as a first step towards recovering their money.
Shares of Kingfisher on Wednesday plunged 5% to close at R10.6 on the Bombay Stock Exchange after lenders decided to start the recovery process following the KFA management’s failure to come up with a feasible plan to restart operations.
“We have shares pledged to the consortium of United Spirits. We also have some shares of Mangalore Chemicals and Fertilisers. These shares are lowhanging fruits. So, this should be the first line for us to recover the money,” said Shyamal Acharya, deputy managing director, SBI. “We expect some realisation at least from the sale of shares during this quarter itself.
Kingfisher Airlines CEO Sanjay Agarwal did not take calls or reply to messages sent byHT. The airline’s official spokesperson, too, declined too comment.
Meanwhile, aviation minister Ajit Singh made it clear that Kingfisher will not be allowed to fly unless the Directorate General of Civil Aviation was fully satisfied that the airline was capable of running smooth and safe operations.
COURTESY:
14 Feb 2013
Hindustan Times (Mumbai)
HT Correspondents letters@hindustantimes.com
http://paper.hindustantimes.com/epaper/viewer.aspx
Shares of Kingfisher on Wednesday plunged 5% to close at R10.6 on the Bombay Stock Exchange after lenders decided to start the recovery process following the KFA management’s failure to come up with a feasible plan to restart operations.
“We have shares pledged to the consortium of United Spirits. We also have some shares of Mangalore Chemicals and Fertilisers. These shares are lowhanging fruits. So, this should be the first line for us to recover the money,” said Shyamal Acharya, deputy managing director, SBI. “We expect some realisation at least from the sale of shares during this quarter itself.
Kingfisher Airlines CEO Sanjay Agarwal did not take calls or reply to messages sent byHT. The airline’s official spokesperson, too, declined too comment.
Meanwhile, aviation minister Ajit Singh made it clear that Kingfisher will not be allowed to fly unless the Directorate General of Civil Aviation was fully satisfied that the airline was capable of running smooth and safe operations.
COURTESY:
14 Feb 2013
Hindustan Times (Mumbai)
HT Correspondents letters@hindustantimes.com
http://paper.hindustantimes.com/epaper/viewer.aspx
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