Ailing Kingfisher Airlines, has been given a time of 15 days by the lenders to come up with concrete plans to improve its operations. An executive with the State Bank Of India after a meeting between the airlines and the banks said that the airlines has to give a report on what steps they have taken so far and what challenges they are facing.
The executive also said that they expect to recover about $25 million from the sales of the properties owned by Kingfisher in Mumbai and Goa as there is no point keeping non-core and unused assets. The banks also said that the proposal to sell the properties was made about seven to eight months back.
