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Showing posts with the label Kingfisher Airlines’ lenders to monetise Loan collateral

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 ti