Kingfisher Airlines crisis likely to be resolved next week: Vijaya Mallya

New Delhi: Hoping to resolve the crisis facing Kingfisher Airlines early next week, Vijaya Mallya on Monday said he has organised funds to pay "seriously overdue salaries" to the employees.
Mallya gave no details about the funding but said the airline promoters have converted their loans for an additional five per cent equity last week.
In a letter to the employees, Mallya also lashed out at "Indian and 'paid' media" for their reports on the cash- strapped carrier, saying they would do whatever it takes to achieve their "sensationalist objectives".
"The Indian media and the 'paid' media that even the Prime Minister referred to are unscrupulous and they will do whatever it takes, part fact or fiction, part true or untrue to achieve their sensationalist objectives," he said while referring to the "media frenzy" on the recent developments in the airlines.
"I have organised funding so that we can pay your seriously overdue salaries which is a source of great personal sorrow for me. We are currently handicapped as our bank accounts are frozen by the tax authorities," Mallya said.
27/02/12 PTI/Times of India

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Categories: Kingfisher Feb 2012