8 OCTOBER 2012

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Article from BTNews 8 OCTOBER 2012

Kingfisher nears collapse?

Indian airline Kingfisher, an offshoot of the beer company with the same name and ownership, failed to operate a single flight last week due to strike action by staff who say that they have not been paid for up to seven months.  No flights are planned until 12 October at the earliest.

Established in 2003 it was once one of India’s largest independent airlines.  In recent times the carrier has been in steady decline and no longer operates long haul international flights.  At one period its fleet totalled over 60 aircraft including four exceptionally well equipped Airbus A340s.  Presently the grounded fleet is reputed to be of less than 10 aircraft. 

Chairman VJ Mallya says he is trying to attract overseas financial backing.  A statement on the company web site by CEO Mr Sanjay Aggarwal, notes that due to market changes the aircraft are being reconfigured in a low-cost style, this operation stated to be complete within the next four months. www.flykingfisher.com

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