Kingfisher looks to restructure debts
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Kingfisher will breathe a sigh of relief after receiving preliminary permission to restructure its outstanding debt burden of INR6,000 crore. The new plan means the company will have interest rates cut, relieving the costs of repayments. The decision is expected to be announced officially by SBI Capital Markets which represents - a consortium of 15 banks - by December. The news comes just a month after the Reserve Bank of India passed a sanctioned relief package for the airline industry, reports The Financial Express. The proposal must still be approved by each board before the loan conditions are relaxed.
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