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No second round of debt restructuring for Kingfisher

12 Dec 2011 Evaluate
Banks have no plans to carry out a secondround of debt restructuring of the ailing Kingfisher Airlines which has anoutstanding loan of around Rs 6,419 crore. State Bank of India, leader of theconsortium [of 11 lenders to Kingfisher, has stated that at present. The airline has a total outstanding loan liability of Rs6,419.60 crore, which include Rs 9,730.37 crore provided to Kingfisher fornon-fund based activities. SBI has an exposureof Rs 1,457.78 crore, followed by IDBI Bank (Rs 727.63 crore), Punjab NationalBank (Rs 710.33 crore), Bank of India (Rs 575.27 crore) and Bank of Baroda (Rs537.51). The other lenders which have providedfunds to the airlines include ICICI Bank, Central Bank of India, United Bank ofIndia, UCO Bank, and Corporation Bank. SBI has alreadyexceeded the exposure limit of Rs 1,436.1 crore in Kingfisher. Of the total outstanding of Rs 6,419.60 crore, Rs 750.10crore has been converted into cumulative redeemable preference shares and Rs553.10 crore as non-convertible cumulative redeemable preference shares to beredeemed after 12 years.
Peers
Company Name CMP
Interglobe Aviation 4638.75
SpiceJet 13.88
Raymond 422.05
Global Vectra Helico 203.85
Taneja Aerospace 281.55
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