A much delayed meeting of State Bank of India-led lenders’ consortium and Kingfisher Airlines will happen in the third week of this month, according to a banker with the lead lender. The consortium had earlier asked the airline to arrange for more capital and come up with a revival plan by November 30, but that didn’t materialise as KFA failed to submit a concrete plan towards this end.
The banker said the consortium will have another meeting around the same time to discuss the course of action with regard to monetising the pledged shares and the personal properties of Vijay Mallya. “We do not want to be obstinate about deadlines,” the banker said.
The revival hopes are based on the United Spirits-Diageo deal that helped Mallya raise capital. United Breweries Holdings will receive R2,400 crore from the sale of its stake in USL. But while announcing the deal with Diageo, Mallya had sought to de-link the KFA issue saying that the UB Group’s holding company will decide on a rehabilitation programme for the carrier separately, though he did not specify details.