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Kingfisher Airlines debt restructuring provides relief

12-Apr-2011

Kingfisher Airlines stated a consortium of 13 lenders has taken a 23.37% stake in the company after the carrier restructured part of its INR76.51 billion (USD1.73 billion) debt. As part of this, Kingfisher allotted 5.68% of shares, valued at around INR1.8 billion (USD40.7 million), to the State Bank of India on a preferential basis under the debt recast plan. Other companies in the consortium include ICICI Bank, IDBI Bank, Bank of Baroda and Punjab National Bank. [839 words]

Unlock the following content in this report:

Subheadings:

  • Lenders show faith in the airline’s restructuring capability
  • But strengthening the equity base will be important
  • A focus on controllable costs yields is essential
  • An opportunity not to be squandered

Graphs and data:

  • Kingfisher Airlines Domestic Market Share Apr-09 to Feb-11
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