Thursday, 24 January 2013

More Turbulence for Kingfisher Airlines Ltd




India's aviation minister warned grounded Airline Kingfisher this week that the debt-laden carrier will need to get clearance from its Bankers to Fly again.



The Airline, which analysts estimate owes $2.5-billion to employees, Banks, Airports, back taxes and other items, has been grounded since October.

Kingfisher says it aims to be ready to resume operations in April but the government claims the Airline's recovery plan is inadequate.

The company, "has no concrete funding plan," Civil Aviation Minister Ajit Singh told reporters in New Delhi.



"Kingfisher cannot be allowed to fly without settling its dues," he said. "The bankers have to give go-ahead to restart the operations."

Singh said the company needs at least 10 billion rupees ($186-million).

Kingfisher must obtain statements from creditors, including Banks, Airport operators and employees that they do not object to a resumption of flights, he added.

His comments came after the airline's chief executive Sanjay Aggarwal met Civil Aviation Secretary K.N. Srivastava to discuss a $120-million plan to resume operations.



Salaries and allowances of Kingfisher employees, including Pilots and AMEs [Engineers ], have been overdue for Ten months.

Kingfisher told a Supreme Court hearing on Tuesday that it was in "serious negotiations" with unnamed investors to raise funds.


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