Saturday, January 5, 2013

Kingfisher: Banks to seek stringent measures

     Banks, that provided loans for Kingfisher airlines, are now seeking the ways to collect their arrears back.  License of the aviation company had been lost  recently due to huge debt crisis.  Banks, on Saturday, made it clear that in case of UB group, the maternal company of Kingfisher, fails to pay back the arrears within the deadline, they are going to seek stringent measures in order to get back the money.  Reports say that, a consortium of 17 banks are said to be decided to hold a meeting in Mumbai on 18th January in order to take a decision in this regard.  Kingfisher airlines, however, didn’t respond to this news so far.
     There were an employee’s strike in the company on October 1, after the management failed to pay their salaries.  It was following that the Directorate General of Civil Aviation (DGCA) decided to cancel the license of Kingfisher temporarily.

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