KINGFISHER APPROVED FOR DEBT RESTRUCTURING PLAN

Debt-ridden Kingfisher Airlines has received preliminary approval from lenders for a debt restructuring plan to cut interest costs. The airline, which owes more than Rs 6,000 crore, is being restructured as part of the Reserve Bank of India-sanctioned relief package for the airline industry. SBI Capital Markets, representing a consortium of 15 banks, is expected to announce a debt recast plan for the carrier by December. Ravi Nedungadi, chief financial officer at the carrier’s parent UB Group said: “Now each of the bank board has to necessarily pass it, so we’ll wait for them before commenting on the restructuring plan.”