Force India boss Vijay Mallya's grounded airline Kingfisher appears close to folding. Respected business newspapers, including the Wall Street Journal, said plans by Kingfisher's lenders to recall loans is "likely to cause severe financial strain" across Mallya's entire portfolio.
"Fifteen days earlier, I would have given a confident answer. Today I have none," an unnamed 'senior Kingfisher executive' is quoted as saying. An aviation official told the Times of India newspaper: "It is almost the end of the road for Kingfisher."
The Business Standard said among collateral available to lenders are assets like helicopters, while Mallya's villa in Goa, India, is being sold. The Financial Times said another of Mallya's houses near Mumbai has already been collateralised.
Representing Kingfisher's lenders, the State Bank of India's deputy managing director Shyamal Acharya told The Hindu: "We gave them enough time. They are not saying anything new or credible." (GMM)
Force India sponsor Kingfisher close to collapse - reports
- Published on 14 Feb 2013 13:45
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- By: Rob Veenstra
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Team profile
- Team name Force India
- Base Silverstone, India
- Sergio Perez 11
- Sergio Perez 11
- Nico Hülkenberg 12
- Adrian Sutil 14
- Adrian Sutil 15
- Lance Stroll 18
- Adrian Sutil 20
- Nico Hülkenberg 27
- Nico Hülkenberg 27
- Esteban Ocon 31
- Esteban Ocon 31
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