Kingfisher Airlines grounds 15 aircraft, stock downBusiness News

December 19, 2011 06:41
Kingfisher Airlines grounds 15 aircraft, stock down

Beleagured Kingfisher Airlines has grounded 15 aircraft after the Indian carrier was unable to meet maintenance and overhaul expenses, citing an industry person familiar with the development.

The aircraft include the wide-bodied A330s used for long hauls, and the company’s active fleet has come down to 40 from 69 at the end of 2010.

About 140 pilots have put in their papers and 11 have left without the loss-making carrier giving them a clearance, it said.

A Kingfisher spokesman declined to comment on the report.

Cash-strapped Kingfisher, which cut flights and loss-making routes in November, is struggling to raise funds to continue operations and repay debt.

The airline’s request for additional working capital from its lenders is still pending with the banks.

State Bank of India  Chairman Pratip Chaudhury has said efforts were being made by banks to make Kingfisher viable, the Press Trust of India reported.

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