Kingfisher saga

Dino D'Amore
By Dino D'Amore May 7, 2014 12:17

Kingfisher saga

Lenders’ attempts to recover some Rs 6,000 crore from Kingfisher Airlines have confirmed that no serious bids for the carrier’s trademarks have come forward. An executive from a public sector bank said, “SBICAP received a few responses but these were not serious offers. Some of the bids were not even in the prescribed format.’’

Last month, SBICAP Trustee Company Ltd had invited individuals and companies, in an Expression of Interest (EOI), to bid for nine trademarks registered with Kingfisher. The trademarks were pledged with the consortium of banks as a security against Rs 6,500 crore of loans. Something which we said at the time was a bit of a joke.

Kingfisher said at its peak it was the largest airline in India, Skytrax gave it five stars and Grant Thornton put its brand value at $550m on resumption of operations. We said it had “a business plan that had all the qualities and security of a wet paper bag manufacturer”.

Dino D'Amore
By Dino D'Amore May 7, 2014 12:17
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