Kingfisher cancels over 40 flights across India

Mumbai: Cash-strapped Kingfisher Airlines has cancelled more than 40 flights from all over India.
The airline has cancelled over 9 flights from Mumbai.
Struggling to stay afloat, Kingfisher has suffered a loss of Rs 1,027 crore in 2010-11 and is estimated to have debt of over Rs 7,000 crore.
Auditors of the debt-ridden airlines had said that the company will have to infuse more funds if its wants to stay afloat, even as the carrier hoped that government would reduce ATF prices and taxes which will help it improve its finances.
The carrier's ability to meet its financial obligations depends on fresh infusion of funds, its auditors B K Ramadhyani & Co said.
Referring to a statement by Kingfisher that although its networth has eroded the financial results have been prepared on a "going concern basis", the auditors said, "The appropriateness of the said basis is inter alia dependent on the company's ability to infuse the requisite funds for meeting its obligations."
23/11/11 DNA/dailybhaskar.com

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Categories: Kingfisher Nov 2011