A Kingfisher Airbus A330 has been impounded at LHR on March 13, 2012.
State Bank Has No Plans To Lend More To Kingfisher
Top Indian lender State Bank of India has no plans to lend more to debt-laden Kingfisher Airlines, finance minister Pranab Mukherjee said on Tuesday.
Kingfisher has cleared all its tax and interest dues up to August 2011, Mukherjee told lawmakers in a written reply.
The airline, which has a debt of about USD$1.3 billion, needs at least USD$400 million soon to keep flying, according to the Centre for Asia Pacific Aviation, an industry consultancy.
Kingfisher Airlines, headed by drinks tycoon Vijay Mallya, has been struggling to continue its normal operations as a heavy debt load, higher jet fuel costs, stiff competition and low fares have severely hurt its ability to raise funds.
Source: Reuters +
Gravity always wins!