AI to pare 75% losses in this fiscal

Jul 15, 2010 |

Correspondent

State-run carrier Air India, which incurred a loss of Rs 5,400 crore in FY10, expects to pare losses by around 75 per cent in fiscal 2010-11, chairman, Mr Arvind Jadhav, said on Wednesday. The airline is currently going through a debt restructuring process as it looks to clean up its balance sheet with SBI Capital managing its overall debt recast.
Jadhav said the last date to submit bids for refinancing $1.1 billion worth of debt has been extended to Aug 31 from July 16. He did not disclose the firm's overall debt.
The government agreed to inject $1.1 billion into Air India if the ailing carrier came up with the same amount in cost cuts and extra revenue.

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