Air India gets default notices from banks, aircraft lessors: Report
Air India returns to Tata after 70 years
San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments.
Three banks and twoaircraft leasing firms have served default notices onAirIndia over the last few weeks, a business report stated on Monday, raising concerns about the government-owned carrier's state of finances and credit-worthiness.
San Francisco, United States-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments, the newspaper said.
DAE declined to comment on the report.AirIndiawas not immediately available to comment, while Wells Fargo could not be reached outside usual US business hours.
Three lenders from a 22-bank consortium have also written toAirIndiaraising concerns that the company is turning into a non-performing asset, the report said. The three banks are Standard Chartered Bank, Dena Bank and Bank ofIndiaLtd.
A Standard Chartered spokesman inIndiadeclined to comment.
Bank ofIndiaand Dena Bank did not immediately respond to requests for comments.
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Last month,Indiashelved a plan to sell a 76 per cent stake inAirIndiadue to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailingairline.
The government will continue to support the loss-makingairline's financial requirements while it works on alternatives, Junior Civil Aviation Minister Jayant Sinha had said, without giving a specific timeline for a new plan.
The government has remained non-committal on infusing cash into theairline after the failed privatisation process, according to the report.
“Wait till the end of August. The government will give us money and then we will pay you. Please do not take any legal action has been the national carrier's response," the newspaper quoted an executive working for one of the lenders as saying.