Skip to main content

Kingfisher Airlines’ lenders to monetise Loan collateral

Lenders have started the process of monetising collateral to recover part of their loans from Kingfisher Airlines.

The consortium of lenders, led by State Bank of India (SBI), had said last month that they were hopeful of recovering at least Rs 1,000 crore in the current quarter from collateral which includes shares of United Spirits Ltd (USL) and Mangalore Chemicals and Fertilizers, both part of the UB Group.

"I am not very hopeful that anything will happen this financial year as it is already mid-March. We are in the process of receiving the call-up authorisation from the other banks," an SBI official said. "It is a complicated account and there are several things that need to be taken care of. This is not a single one-to-one loan."

A top official from Bank of India, which is part of the core group of lenders, said that they initiated the process a week back but have not sold any assets till date. However, the lenders said the process is taking more time than expected.

The lenders' consortium had decided in February to recall loans to Kingfisher and had constituted a core group to go into the legal aspects of monetising the collateral. "The core group will take a call on this," said an official with another bank, adding that selling shares were a relatively easy method of monetising securities.

Among other securities, the bankers hold about 2.6 million shares of USL shares which were given as collateral during the Kingfisher debt recast in 2010, and which would be valued at about Rs 500 crore at current share price levels.

On February 15, the UB Group had said that it had not received any formal communication from the banks in this regard. "We are in continuing discussions with them on ways to bring down their exposure, interalia, from the proceeds of the Diageo transactions," a group spokesman had said. Kingfisher Airlines Ltd, which has not flown since October, owes over Rs 7,000 crore to a consortium of 17 lenders.

Apex Wind Energy holds public meetings about planned Kingfisher wind farm
They are building a house in the middle of the Kingfisher wind farm project area. The Walkers have about 150 acres of land and were approached by Apex to lease their property. They decided not to sign leases but are upset the development will go ahead.
See all stories on this topic »
Kingfisher appoints new Screwfix CEO
Retail Gazette
Home and DIY retail group Kingfisher has today announced the appointment of Andrew Livingston as new CEO of home & DIY retailer Screwfix. Livingston, who has been with the retailer for four years, most recently operated as Commercial & e-Commerce ...
See all stories on this topic »
Kingfisher Airlines' lenders to monetise loan collateral
Indian Express
Lenders have started the process of monetising collateral to recover part of their loans fromKingfisher Airlines. The consortium of lenders, led by State Bank of India (SBI), had said last month that they were hopeful of recovering at least Rs 1,000 ...
See all stories on this topic »


Popular posts from this blog

Guest Post Available on these sites

Guest Post Available on these sites. At just 100$ [For all Sites] Contact  +91 9977513452

ship parts, ship parts names, ship parts diagram, cruise ship parts, pirate ship parts names, sailing ship parts,, model ship parts,

 ship parts ship parts names ship parts diagram cruise ship parts pirate ship parts names sailing ship parts model ship parts ship parts kotor ship parts swtor ship parts kotor, ship parts swtor,

Online Blogger Training Program

Online Blogger  Training Program 5 Days Basic  Online Blogger  Training Program [Classes Mon To Fri  ]    2021 To    2021  Timing : 5PM to 5:45 PM  Present Online Blogging  Training Program [5 days a week for 1 Week Only ]  Age : 10Years to 35 Years Only Fees : USD $100 or  INR 899  Work From Home [WFH]   Free Blog  for All  Topics  What is a Blog and Blogging Find a Blog Niche.  Write about What You Love  How to Start a Blog  [Step By Step]  10 Places to Promote Your Blog Posts  To apply for this Position Contact Send us Your following Info on WhatsApp  +91 8851365156  +91 9977513452 Dept :   Online Blogger  Training Program 1. Full Name----------------- 2. Date of Birth---------------- 3. City ------------------- 4. Gender --------------    5. Age -------------- 6. Univ / Ins  -------------------- 7. Education : 8. WhatsApp : 9. Fees Rs 799 by GooglePay  9329737330  PayTm 9826037330 Plz Contact  our Corp Team Manbir Kaur   [Aero Engineer]  Director [Business Dev