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07-03-2012, 10:01 AM #1
SREI Infra seizes 'opportunity' in Kingfisher debt
SREI Infrastructure Finance has bought debt worth Rs 400 crore of Kingfisher Airlines from ICICI Bank, reports said, citing SREI's vice chairman.
"There was an opportunity because of the various securities package," SREI's vice chairman Sunil Kanoria was quoted as saying.
The Vijay Mallya-promoted airline, which is sitting on a debt pile of over Rs 7,500 crore, had reported a loss of 1,151.5 crore for the quarter ending March.
The cash-strapped airline has been seeking fresh funding from its bankers who are resisting the demand, saying the promoters, including Mallya, have to bring in at least Rs 2,000 crore as fresh capital.
Meanwhile, a section of pilots of the near-bankrupt Kingfisher Airlines went on strike on Sunday to protest against non-payment of salaries for the past five months, forcing the airline to cancel its ATR-operated flights.
Following the strike, the airline management has deployed executive pilots to carry out truncated operations, sources in the airline said.
An airlines spokesperson confirmed this development, but did not provide any other details.
Earlier also some of its pilots and engineers had gone on strike, but returned to work after the management assured them of remitting the salaries.