KINGFISHER DRAWS UP THREE MONTH PLAN

Kingfisher Airlines has drawn up emergency three-month plans to restore its financial health, which involves recasting debt, flying more plans and slowing down overseas expansion. SBI Capital Markets, representing a consortium of 15 banks, is recasting the airline’s debts in which interest rates will be cut by 3.5% with another seven years to repay the loans. The carrier’s debts amounted to Rs. 7,413 crore as of 31 December. The airline hopes to raise as much as $350 million by February by the sale of depository receipts (GDRs) and domestic offerings to help lower the debt burden. Kingfisher Airlines made a