Kingfisher airlines to sell real estate to clear debt
Published by: Shobhit Kalra
Published on: Thu, 05 Jul 2012 at 11:53 IST
Mumbai: Troubles exaggerating for debt-ridden Kingfisher Airlines as reports claim that bankers have given 15-day notice to private carrier to take stringent steps to strengthen its financial condition. Company in reply said that it has planned to start selling some unused real estate to raise much-required funds, as per reports.The properties reportedly to be sold are 'Kingfisher House' (airline's former corporate headquarters in Mumbai) and a villa in the resort state of Goa.
Kingfisher's spokesperson, Prakash Mirpuri said a leading daily, "Kingfisher House has been vacant after the staff moved to new offices. On our own, we had approached banks with a proposal to liquidate this unutilized asset."
Meanwhile, Prakash denied reports which said that lenders have initiated loan recovery process and hinted at selling the Kingfisher's two properties in Mumbai and Goa worth INR 120 crore.
Mirpuri reportedly said that there was no discussion on commencement of recovery proceedings.
Kingfisher, which had never been in profit since its launch in 2005, has reported a net loss of INR 11.52 billion in the three months to March, a tripling of losses from a year earlier and is under around $1.4 billion debts.
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