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Kingfisher Airlines needs to raise $1 bln by Nov 30 - SBI
November 7, 2012 / 10:23 AM / in 5 years

Kingfisher Airlines needs to raise $1 bln by Nov 30 - SBI

NEW DELHI (Reuters) - Ailing Kingfisher Airlines (KING.NS) needs to raise or commit at least $1 billion by November 30, the chairman of State Bank of India told reporters on Wednesday, adding that lenders are not looking at liquidating the carrier’s assets as of now.

Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai, February 16, 2012. REUTERS/Vivek Prakash/Files

The bank is the leader of a 17-bank consortium, which has lent about $1.4 billion to the debt-ridden carrier.

Kingfisher, once India’s second-largest airline, has not flown since the start of October after a protest by employees, unpaid since March, turned violent.

Reporting by Anurag Kotoky

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