Lenders trying to revive Kingfisher, says SBI chief
19 Dec 2011
State Bank of India chairman Pratip Chaudhury said Vijay Mallya's Kingfisher Airlines was an important company and efforts were being made by banks to make it viable. The cash-strapped airline is floundering under a heavy debt burden.
Speaking to reporters on the sidelines of a SBI function in Bangalore, Chaudhury said Kingfisher was a very big player in the aviation sector and efforts to ease its problems were on.
The private carrier is in a financial mess struggling to service its loans, which have run up to over Rs6,000 crore.
Chaudhury said as Kingfisher owed money to multiple vendors, it requires a lot of coordination and cooperation among all the lenders.
"As late as yesterday, there was a high-level meeting going on. So every measure is being taken that Kingfisher will remain viable," he said.
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