Kingfisher to sell properties to pay off debts
Beleaguered Kingfisher Airlines has planned to sell two of its unused properties in Mumbai and Goa to partly repay staggering loans of about Rs 7,500 crore.
The Mumbai property is likely to fetch Rs 120-90 crore and Rs 30 crore for the Goan villa by the current market value.
Prakash Mirpuri, an airline staff, said that the Kingfisher House has been lying vacant after the staff moved to the new offices at The Qube in Mumbai, and thus they approached the banks with a proposal to liquidate this unutilised asset.
The Vijay Mallya run carrier owes banks Rs 7,500 crore in arrears and additional interest since January when it stopped servicing their loans.
A meeting of the consortium of 17 lenders and the airline’s management was arranged. The meeting, attended by most of the 17 lenders and airline’s chief executive Sanjay Aggarwal, was inconclusive. The lenders decided to meet again over the next 2-3 weeks, the banker added. The meeting was held at the headquarters of the State Bank of India which is the leader of consortium.
To read more real estate news:
Kingfisher to sell half of its property
Source: IBN Live
