New Delhi: The Kingfisher Airlines, which is currently grounded, has said that it will restart its operations very soon. The announcement was made in a statement on Monday. However, the cash-strapped airline will start its operations in a phased manner.
According to the statement released by the airline, Kingfisher will provide funding for its operation itself, and has not asked banks for any support. The company also referred to a recapitalisation plan which will be discussed with a small designated group of bankers.
This comes just days after the State Bank of India (SBI) said that there was no need for lenders to panic as the cash-strapped Kingfisher Airlines was looking for a solution to come out of the crisis. "Kingfisher has been a good airline at some point of time. They are going through their set of problems. And there is no reason for bankers to panic as long as they say that they are looking for a solution. The assurance only is that they are trying," SBI Managing Director Diwakar Gupta told reporters at the Delhi Economics Conclave.
The SBI is the lead banker in the 17-lender consortium that extended Rs 7,000 crore loans to the now grounded Kingfisher Airlines. It has an exposure of Rs 1,500 crore to the carrier, which has not been serviced since January, 2012.
(With Additional Inputs from PTI)
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