 "Kingfisher Airlines denies fresh debt restructuring plans")
Private carrier Kingfisher Airlines on Wednesday denied it was going for another debt restructuring but said it had sought lenders’ help to substitute high-cost rupee borrowings with low-cost foreign current debt.
It has also asked banks to “appraise working capital requirements in the usual course, to account for changes in international prices of fuel and the change in rupee-dollar parity,” Ravi Nedungadi, President and group Chief Financial Officer said in a statement.
[caption id=“attachment_121577” align=“alignleft” width=“380” caption=“With a market share of 19 percent, Kingfisher Airlines had in January this year partially re-structured its loans to bring down the interest cost. Reuters”]  [/caption]
“The banks are in active consideration of these requests and there is absolutely no question of another debt recast,” he added.
Earlier, The Economic Times reported that Vijay Mallya-promoted Kingfisher’s second debt restructuring plan was rejected by banks who were unwilling to take a fresh haircut and feared another recast will force them to treat the loans as non-performing. “This is factually incorrect,” Nedungadi said in a press statement.
With a market share of 19 percent, Kingfisher Airlines had in January this year partially re-structured its loans to bring down the interest cost. Currently, its debt stands at around Rs 6,000 crore.
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