March 27, 2012
Indian lender ICICI Bank has asked embattled Kingfisher Airlines to top up its loan security or adjust the loan amount after the ailing carrier's stock took a severe beating in recent weeks, the airline said.
"There is absolutely no recall of the entire loan facility nor any notice for sale of securities," Kingfisher said in a statement.
ICICI Bank has lent about INR4.3 billion rupees (USD$83.77 million) to Kingfisher.
Kingfisher, which has debts of USD$1.3 billion, is scrambling to raise funds after banks refused to lend more for its day-to-day operations.
