SBI says Kingfisher "will not fly" if it fails to get fresh capital by Nov 30

SBI says Kingfisher
State Bank of India (SBI), country's biggest lender and the lead bank to ailing Kingfisher Airlines, today warned the carrier that it "will not fly" if it fails to fetch fresh capital by November 30.

Pratip Chaudhuri, SBI chairman said, "Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till November 30 that they should get capital otherwise the company will not fly...."

He said that the group of banks have been meeting regularly to help the airline and added that the cash-strapped airline would not be able to get investors if it is not flying.

Earlier, Directorate General of Civil Aviation (DGCA) had suspended the flying licence of Kingfisher following the airline's failure to come up with a feasible plan of financial and operational revival.

Dion Global Solutions Ltd

Read more about: kingfisher airlines
Story first published: Wednesday, November 7, 2012, 9:35 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?