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Kingfisher Airlines cancels 41 flights on staff absence
A passenger walks past a near-empty Kingfisher airlines ticketing office at Mumbai's domestic airport March 27, 2012.
Credit: Reuters/Vivek Prakash/Files
MUMBAI |
MUMBAI (Reuters) - Debt-crippled Kingfisher Airlines has cancelled 41 scheduled flights on Saturday, the firm said, after some staff did not report for work in response to the company failing to pay their salaries.
The airline, which is under immense pressure from lenders to work out a turnaround plan, said 75 percent of its employees received their salaries by Friday as promised, while the rest will be paid by Monday.
Kingfisher, which had debt of $1.4 billion at the end of March, had said it would operate around 120 daily flights with 20 aircraft.
"This only makes my recapitalization efforts more difficult by causing concern and apprehension among our potential investors," Kingfisher's chairman Vijay Mallya said in an email sent to employees on Saturday.
Kingfisher has never made a profit. Its share of India's domestic airline industry fall from second to last among the six big carriers after it was forced to ground most of its fleet.
(Reporting by Ketan Bondre; Editing by Daniel Magnowski)
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The only mysterious aspect of this business is how did the PSU banks lending to it got themselves in such a big hole.
What prompted them to suddenly turn into risk investors or venture capitalists?
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