Bankers to the cash-strapped Kingfisher airline today asked its promoters to infuse Rs 800 crore worth of fresh equity if they are to consider a second restructuring of existing debt, as opposition mounted to any bailout of the private carrier.
The Kingfisher Board also had a crucial meeting in Mumbai to work out a debt restructuring plan on the eve of the announcement of its latest financial results.
The bankers have asked the troubled airline to come out with a "credible" plan. The lenders a 13-bank consortium led by SBI, who were yet to decide on ways to soften the troubled airline's Rs 7057.08 crore debt burden, are due to meet Kingfisher management here tomorrow.
The bankers have made it clear that the promoters have to put in at least Rs 800 crore worth of fresh equity as the lenders cannot act as promoters of the airline. "Bankers want more information on their fleet, equity, continuation of fuel supply. Banks can come in as lenders not promoter.
We will respond how it unfolds," said Pratip Chaudhuri, Chairman of SBI which leads the 13-bank consortium that has financed Kingfisher.
Kingfisher is big trouble if they do not collect the money through fresh equity because lenders comes to KFA and collect their money.
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