No further debt recast plans: Kingfisher

Private carrier Kingfisher Airlines on Wednesday denied it was going for another debt restructuring but said it had sought lenders’ help to substitute high-cost rupee borrowings with low-cost foreign current debt.

It has also asked banks to appraise working capital requirements in the usual course,to account for changes in international prices of fuel and the change in rupee-dollar parity,Ravi Nedungadi,President and group Chief Financial Officer said in a statement.

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The banks are in active consideration of these requests and there is absolutely no question of another debt recast,he added.

Earlier,a daily reported that Vijay Mallya-promoted Kingfisher’s second debt restructuring plan was rejected by banks who were unwilling to take a fresh haircut and feared another recast will force them to treat the loans as non-performing.