A meeting between the core lenders group and the grounded Kingfisher Airlines, which is trying to resume operations by next month, ended inconclusively here this evening, as the airline failed to table a concrete revival plan.
Despite a series of meetings between debt-laden Kingfisher Airlines and its lenders, the airline's promoter Vijay Mallya once again failed to submit a detailed long-term business plan today but was confident of infusing funds to restart operations.
Lenders will restructure Kingfisher's Rs 7,000 crore loans, with the Punjab National Bank (PNB) today saying that all banks will have to take decision on it collectively.
They have also decided to go ahead with the sale of non-core assets, but a final decision will be taken only after company Chairman Vijay Mallya makes a presentation this month-end
The only option left is to consider invoking securities and guarantees against the debt to recover their money.
Air India was in talks with banks to restructure its working capital debt of about $4 billion and is in the midst of implementing a turnaround plan