Is Kingfisher Airlines close to shutting down?
New Delhi: Cash strapped Kingfisher Airlines is in trouble. Top sources say the airline may have to shut down if they don’t secure working capital loans soon.
The airlines grounded one third of its 66 aircraft fleet cancelling over 80 flights over the last two days. The Director General of Civil (DGCA) could take the airline to task.
Kingfisher Airlines chief Vijay Mallya on Thursday said, “Decision to reschedule and cancel flights was taken to cut losses. We are only ensuring loss minimization by flight rationalization and enhanced revenue through reconfiguration.”
Over 100 Kingfisher pilots submitted their resignations as they did not receive their salary for the month of October.
The cash-strapped airline claimed that it had to drop flights as the company were trying to reconfigure its aircraft.
There was chaos at several airports after passengers complained that they were not intimated about the Kingfisher cancellations. Many inconvenienced passengers had to rebook themselves on other airlines paying a premium of up to 20 per cent. For more visit: IBNlive.com
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