New Delhi: The Directorate General of Civil Aviation (DGCA) has said that if banks took over the assets of Kingfisher Airlines and sold them as a going concern, the new owners will be allowed to run the airline if they provide a viable long-term financial plan.
“The fate of Kingfisher is a matter of concern for its proprietor and lenders. Our stand has been clear from the beginning. The carrier will fly only if it has a viable financial plan; whoever brings it is not our concern. Even if someone takes over the airline, the terms and condition would remain the same,” said a senior DGCA official.
However, Kingfisher’s parent UB Group has indicated that it was in talks with the airline’s lenders to cut their exposure by using the proceeds from a stake sale in a group company to Diageo.
In November last year, UK’s Diageo agreed to buy a 53.4 per cent stake in UB Group-controlled United Spirits for $2.1 billion.
18/02/13 Karan Choudhury/The Telegraph
