Kingfisher says banks have not started recovery process

Jul 05, 2012 |

Reuters

mumbai

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Beleaguered Kingfisher Airlines said on Thursday that its lenders have 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 said that lenders to Kingfisher expect to recover about Rs 1.35 billion by selling properties in Mumbai and Goa and gave the airline 15 days to come up with 'concrete steps' to improve operations.

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