Lenders set to recall Kingfisher Airlines loan
ENS Economic Bureau: Mumbai, Feb 13 2013, 00:45 IST
Report for fiscal 2012. The troubled airline’s long-term borrowings alone amounted to Rs 5,695 crore, it says.
Moreover, banks made another mistake by converting a portion of their loans into equity in 2010 at a premium, that too at a time when the ailing airline was not getting enough equity from the promoters.
The airline reported a third quarter loss of Rs.755.17 crore as against Rs.444.26 crore a year ago due of high finance costs, redelivery of planes and costs associated with the grounding of its aircraft.
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