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Debt Crisis at Kingfisher Airlines Makes it Sell Property
By siliconindia
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Tuesday, 15 November 2011, 00:33 IST
Bangalore: Flying at the heights of terrain and making profits out of it is something gorgeous. But at the sametime falling from the peak of success gives an unbearable damage that cannot be recovered soon. The same thing happened with the Kingfisher Airlines which is struggling to recover from its debts fallen on it.
Kingfisher is a valued company, but an airline would need fuel, fleet and finance to run the show. Facing serious financial turbulence, Kingfisher Airlines has sought government help for a bailout even as it continued its flight curtailment spree for the fifth consecutive day on Friday and its stocks plummeted by over 19 percent to an all-time low but recovered slightly later.
The seriousness of the crisis was underlined by the urgent request Kingfisher owner Vijay Mallya made to Finance Minister Pranab Mukherjee and Civil Aviation Minister Vayalar Ravi to help Kingfisher in infusion of funds through banks at low interest rates, besides other concessions in line with what Air India was getting.
However, there was no official word immediately on whether any step was being taken on Mallya's request made earlier this week. Some 50 pilots and cabin crew did not turn up for duty by reporting sick as over 40 flights were cancelled across its network today.
