Tags:
Journalism of Courage
UB group chairman Vijay Mallya today said he was not seeking a bailout for Kingfisher Airlines all we want is working capital funding of around Rs 700-800 crore.
I have not asked for bailout from the banks or the government, Mallya said at a press conference. We have not asked the government to dip into taxpayers money. We have never done it,we will never do it.
What we have asked for,given the huge increase in the price of fuel which is more than 50% of our direct operating cost and given our working capital cycles,is we have a genuine need for working capital and that is what we have asked from banks. We have not applied for any restructuring.
All Kingfishers loans,Mallya said,were standard loans. Theres no default. To write the epitaph of Kingfisher constantly is not fair.
