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Willing to support Kingfisher revival plan: govt source
January 22, 2013 / 9:49 AM / 5 years ago

Willing to support Kingfisher revival plan: govt source

NEW DELHI (Reuters) - India is willing to support the revival plan of grounded Kingfisher Airlines Ltd (KING.NS) if the company were to settle its employees’ dues, a senior government source told reporters on Tuesday.

Employees of Kingfisher Airlines take part in a protest against the company in New Delhi October 9, 2012. REUTERS/Stringer/Files

    The statement came after Kingfisher Chief Executive Sanjay Aggarwal met officials at the ministry of civil aviation to discuss the revival plan, which was earlier rejected by the regulator.

    Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors.

    Reporting by Anurag Kotoky; Editing by Prateek Chatterjee

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