The board of directors of the cash-strapped Kingfisher Airlines will meet in Mumbai on Tuesday after an eight-hour meeting failed to draw up a rescue plan for the airline on Monday.

The board meeting was to discuss the company's performance in the second quarter of the current fiscal and to draw up a financial plan. Having reported a loss of Rs.1,027 crore in 2010-11, Kingfisher is working on a strategy to cut its burgeoning Rs. 7,000-crore debt.

The company has borrowed from a consortium of 11 banks, which would have to be satisfied with the viability of the company.

The banks, along with other financial institutions, hold around 24 per cent stake in the airline and have reportedly discussed various fund-raising options with the airline.

Senior company officials are to address the media on Tuesday after a meeting with representatives of the lender banks.