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In a desperate bid to recover their dues from Vijay Mallya-owned Kingfisher Airlines, a consortium of lenders on Monday decided to put the trademarks of the beleagured airline up for sale. PTI file photo
In a desperate bid to recover their dues from Vijay Mallya-owned Kingfisher Airlines, a consortium of lenders on Monday decided to put the trademarks of the beleagured airline up for sale.
The trademarks put up for sale under an announcement from SBI Caps include ‘Fly Kingfisher’, which has validity till January 10, 2017, ‘Flying Models’ (validity upto August 6, 2014), ‘Fly The Good Times’ (August 6, 2014), ‘Funliner’ (August 6, 2014) and ‘Flying Bird Device’ (November 5, 2014).
Fly Kingfisher, Fly The Good Times and Funliner are currently registered in the name of Kingfisher, while the rest are registered under United Breweries Holdings, the holding company of Mallya’s UB Group.
SBI Caps has issued a notice inviting expressions of interest (EoIs) and requested bidders to come up with indicative prices for a fair estimation of the market value of the trademarks of Kingfisher.
"A notice has been issued under Rule 5 of the Security Interest (Enforcement) Rules of 2002, for estimation of the market value of trademarks pertaining to Kingfisher Airlines and for identifying interested parties," it said.
"A notice has been issued under Rule 5 of the Security Interest (Enforcement) Rules of 2002, for estimation of the market value of trademarks pertaining to Kingfisher Airlines and for identifying interested parties," it said.
The submitted EoIs shall be considered solely for determining estimated market value of the trademarks and to determine interest of prospective buyers to acquire them, it said. The last date for submission of EoIs is April 21.
SBI Caps has been tasked by the 17-member consortium of lenders, led by SBI which has the highest debt exposure of Rs 1,600 crore to Kingfisher, to recover their dues running into over Rs 7,500 crore in principal alone from Kingfisher Airlines, promoted by Vjay Mallya.
The airline had gone in for a second bout of loan restructuring in November 2010, under which it pledged Kingfisher brand to lenders for around Rs 4,500 crore.
Kingfisher’s debt includes over Rs 13,000 crore in accumulated losses and unpaid salaries, taxes, and vendor dues.
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