Mumbai: Kingfisher Airlines will have a full recovery plan in place in two-three days that will address its financial issues and restore dozens of flights, Vijay Mallya, Chairman, Kingfisher Airlines said recently.
Kingfisher, controlled by liquor baron Mallya, has almost halved its daily flights from the scheduled 200 after several pilots refused to report to work and a suspension by global industry body IATA from its settlement system restricted bookings through overseas agents.
The carrier, which has a debt of USD 1.3 billion, is facing near collapse as banks have so far refused to lend it more for day-to-day operation and massive cutback in flights have reduced revenues, leaving the carrier with little cash to pay its employees, airports and tax authorities.
"In 2-3 days time you'll hear the full plan," Mallya said on a query on financial restructuring of the company at a press conference after he met about 80 pilots to assuage their fears on delayed salaries. Scores of pilots have resigned in the past six months from Kingfisher.
18/03/12 Travel Biz Monitor
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