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India regulator says Kingfisher reneged on recovery plan
March 14, 2012 / 7:27 AM / 6 years ago

India regulator says Kingfisher reneged on recovery plan

Hyderabad, INDIA, March 14 (Reuters) - Kingfisher Airlines failed to stick to its agreed recovery plan, the head of India’s aviation regulator 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 the Directorate General of Civil Aviation 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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