November 14th, 2011
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Kingfisher sells shares

kingfisherMumbai: Even as Economic Times reported that the sinking kingfisher airlines intends to consider proposals, and sell property, the shares rose to more than 4%. The airlines attempts to cut its $ 1.3 billion debt by more than half. The board of Kingfisher Airlines (KFA) will consider a proposal to cut debt by more than half by selling property, converting loans from its parent company into equity, and changing the terms under which it leases aircraft.

The management of the airline, which has cancelled 200 flights in the past week, leading to fears it is close to bankruptcy, says its plan will result in debt coming down from Rs 6,500 crore to Rs 3,000 crore.


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