TransportAirlines

Who’s willing to gamble $1 billion on Kingfisher’s unlikely rebound?

Skift Take

The airline’s restructuring plan, to be submitted to the government by year’s end, will make or break the airline as its employees and lenders have reached their wits’ end.

— Samantha Shankman

Kingfisher Airlines Ltd. (KAIR)’s largest lender said the cash-strapped Indian carrier should raise at least $1 billion of fresh capital, stepping up pressure on Chairman Vijay Mallya to deliver on promises of new investment.

“We are slightly disappointed at the pace at which the capital-raising plan is going,” State Bank of India Chairman Pratip Chaudhuri told reporters. “The company has been assuring us that they have been working hard for it, but we would like to see some tangible evidence.”

The airline is preparing a “comprehensive” revival plan, Prakash Mirpuri, a spokesman, said in a statement yesterday. The company doesn’t comment on banking relationships, he said today.

Destination Mexico: The Evolution of Luxury Travel

Luxury travelers are looking for more than just posh accommodations and generic pampering. Savvy suppliers and tourism organizations are capitalizing on the desire for authentic experiences, as the sharing economy continues to present new ways to connect travelers with local culture.

Read More

Next Story

Loading...

Loading...