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New blow for Kingfisher as lead lender refuses to loan more cash
KINGFISHER, the struggling Indian airline, received another blow yesterday, after its main lender State Bank of India said it would not consider any fresh loans until it raises new equity itself.
Desperately strapped for cash, Kingfisher stands on the brink of collapse after multiple flight cancellations and the resignation of dozens of its pilots.
Kingfisher, which has not turned a profit since it was founded in 2005 and is carrying debt of at least $1.3bn (£818.7m), has asked for $409m-$613m in loans from banks to carry out its day-to-day operations
Meanwhile, the Times of India reported Kingfisher had received re-capitalisation offers worth 8bn rupees from two Indian investors, who would get a combined 24 per cent stake.