March 14, 2012 / 7:33 AM / 5 years ago

DGCA says Kingfisher reneged on recovery plan

Kingfisher Airlines customers try to attract the attention of staff at a closed ticketing counter at Bengaluru International Airport in Bangalore, March 9, 2012.Vivek Prakash

Hyderabad (Reuters) - Kingfisher Airlines (KING.NS) failed to stick to its agreed recovery plan, the head of regulator Directorate General of Civil Aviation said on Wednesday, adding the current situation at the debt-laden carrier cannot be allowed to continue for long.

Kingfisher submitted a plan to turn around its loss-making operations to DGCA in January.

Cash-strapped Kingfisher said on Wednesday it will cut back its overseas flights as the troubled carrier looks to slash costs and attract funding from wary bankers and sceptical investors.

Reporting by Anurag Kotoky; Editing by Rajesh Pandathil

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