Banks put Kingfisher brand on sale


Lenders have initiated the process of selling Kingfisher Airlines brand to recover their dues. The brand name was pledged to about 14 lenders, including State Bank of India (SBI), under a debt recast agreement in which loans valuing over Rs 6,500 crore were restructured and converted into equity.

SBICAP Trustee Company Limited, a subsidiary of SBI Capital Markets, has invited expressions of interest (EOI) from organisations, which wish to acquire trade marks related to Kingfisher Airlines.

After the airline failed to pay up the interest, the banks swung into action by selling pledged shares of UB Group companies — United Spirits and Mangalore Chemical Fertilisers Limited — and netted about Rs 600 crore. However, the banks failed to take the possession of airlines Chairman Vijay Mallya’s Goa villa.

Full report here Business Standard


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