<p>Kingfisher’s bankers, which have over Rs 7,500 crore locked in the ailing airline, will soon meet to chart out the future course of action, said PNB Chairman & Managing Director K R Kamath.<br /><br /></p>.<p>“The bankers will sit and decide what is the situation now and what they will do,” Kamath said here.<br /><br />Punjab National Bank (PNB) is part of the SBI-led consortium of 17 banks that has exposure in the cash-strapped airline. “The leader (State Bank of India) will convene the meeting,” Kamath said.<br /><br />Last week, the Directorate General of Civil Aviation (DGCA) suspended licence of beleaguered airline following its failure to come up with a viable plan for financial and operational revival.<br /><br />The carrier has been saddled with a loss of Rs 8,000 crore and a debt burden of another over Rs 7,524 crore, a large part of which it has not serviced since January. The airline currently has only 10 operational aircraft compared to 66 a year ago.<br /><br />In November 2010, the banks had restructured Kingfisher loans worth Rs 6,500 crore. The airline is under a lockout since October 1 and subsequent suspension of entire operations. The airline has suffered losses of Rs 1,609 crore in 2008-09, Rs 1,647 crore in 2009-10, Rs 1,027 crore in 2010-11 and Rs 732 crore in 2011-12.<br /><br />Meanwhile, overseas investors as well as small individuals and HNIs seem to be on a share buying spree in Kingfisher Airlines, even as questions are being raised about resumption of its operations after the cash-strapped carrier’s licence was suspended. <br /><br />The foreign institutional investors (FII) have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group’s Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.</p>
<p>Kingfisher’s bankers, which have over Rs 7,500 crore locked in the ailing airline, will soon meet to chart out the future course of action, said PNB Chairman & Managing Director K R Kamath.<br /><br /></p>.<p>“The bankers will sit and decide what is the situation now and what they will do,” Kamath said here.<br /><br />Punjab National Bank (PNB) is part of the SBI-led consortium of 17 banks that has exposure in the cash-strapped airline. “The leader (State Bank of India) will convene the meeting,” Kamath said.<br /><br />Last week, the Directorate General of Civil Aviation (DGCA) suspended licence of beleaguered airline following its failure to come up with a viable plan for financial and operational revival.<br /><br />The carrier has been saddled with a loss of Rs 8,000 crore and a debt burden of another over Rs 7,524 crore, a large part of which it has not serviced since January. The airline currently has only 10 operational aircraft compared to 66 a year ago.<br /><br />In November 2010, the banks had restructured Kingfisher loans worth Rs 6,500 crore. The airline is under a lockout since October 1 and subsequent suspension of entire operations. The airline has suffered losses of Rs 1,609 crore in 2008-09, Rs 1,647 crore in 2009-10, Rs 1,027 crore in 2010-11 and Rs 732 crore in 2011-12.<br /><br />Meanwhile, overseas investors as well as small individuals and HNIs seem to be on a share buying spree in Kingfisher Airlines, even as questions are being raised about resumption of its operations after the cash-strapped carrier’s licence was suspended. <br /><br />The foreign institutional investors (FII) have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group’s Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.</p>