By NIKHIL GULATI
NEW DELHI -- Kingfisher Airlines Ltd.'s management expects to meet its lenders this week, Chairman Vijay Mallya said Monday.
The meeting assumes significance as the loss-making carrier is struggling with a large debt burden of about $1.25 billion, and urgently needs funds to pay bills and keep its operations running.
While Mr. Mallya didn't give any details, people familiar with the development had said last week that a consortium of 13 lenders will likely decide on further help to the airline based on a report prepared by SBI Capital Markets Ltd. on the viability of its operations. Kingfisher has put forward a debt-reduction plan to the lenders and asked for fresh loans.
Mr. Mallya told reporters also that the airline is seeking approval from the Directorate General of Foreign Trade to directly import jet fuel, as it seeks to pare its high fuel cost.
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