Banks have no plans to carry out a second round of debt restructuring of the ailing Kingfisher Airlines, which has an outstanding loan of around Rs.6,419 crore, Parliament was informed on Friday.
“State Bank of India, leader of the consortium (of 11 lenders to Kingfisher), has stated that at present, there is no plan,” Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha.
He was replying to a question on whether lenders are planning to carry out a second round of restructuring of loans to help Kingfisher.
The Minister further said the airline had a total outstanding loan liability of Rs.6,419.60 crore.
SBI, the Minister said, had an exposure of Rs.1,457.78 crore, followed by IDBI Bank (Rs.727.63 crore), Punjab National Bank (Rs.710.33 crore), Bank of India (Rs.575.27 crore) and BoB (Rs.537.51).
The other lenders, which have provided funds to the airlines, include ICICI Bank, Central Bank of India, United Bank of India, UCO Bank, and Corporation Bank.
SBI has already exceeded the exposure limit of Rs.1,436.1 crore in Kingfisher.
Of the total outstanding of Rs.6,419.60 crore, Rs.750.10 crore has been converted into cumulative redeemable preference shares and Rs.553.10 crore as non-convertible cumulative redeemable preference shares to be redeemed after 12 years. Mr. Meena further said that Kingfisher was scheduled to start repaying loans to SBI from September, 2012. — PTI
Keywords: Kingfisher debt restructuring