PlanetF1

Mallya's Kingfisher in trouble

Thursday 14-February-2013 11:33

Vijay Mallya's Kingfisher Airline is in trouble after 17 banks called in loans totaling $1.3bn.

Kingfisher Airline has been grounded since last October while the company's aviation licence expired in December.

But while news of the debt is not new, according to the Financial Times the 17 banks led by State Bank of India have now decided to recall their loans.

The newspaper reports that Mallya's "creditors have run out of patience and are calling in loans to Mallya's Kingfisher Airlines, some of them bearing the billionaire tycoon's personal guarantee, you'd think a few of these playthings might be about to change hands. Well, maybe just a few..."

Force India, though, recently insisted they are not on that list.

Speaking to James Allen on F1 deputy team principal Bob Fernley said Kingfisher's financial trouble "doesn't affect the F1 team.

"There is a disconnect between what happens in Vijay's business and what Vijay is doing on the F1 team. So it doesn't matter what happens there."