Kingfisher Airlines seeks govt help, flight cancellations continue

NEW DELHI: Facing serious financial turbulence, Kingfisher Airlines has sought government help for a bailout even as it continued its flight curtailment spree for the fifth consecutive day on Friday and its stocks plummeted by over 19 per cent to an all-time low but recovered slightly later.

The seriousness of the crisis was underlined by the urgent request Kingfisher owner Vijay Mallya made to Finance Minister Pranab Mukherjee and Civil Aviation Minister Vayalar Ravi to help Kingfisher in infusion of funds through banks at low interest rates, besides other concessions in line with what Air India was getting, sources said.

However, there was no official word immediately on whether any step was being taken on Mallya's request made earlier this week. Some 50 pilots and cabin crew did not turn up for duty by reporting sick as over 40 flights were cancelled across its network today.

Innumerable passengers across the country cancelled Kingfisher flight tickets to travel by other airlines, though after paying 20-40 per cent higher at the last moment.

The airline, which had earlier said it would restore its flights after October 19, has now indicated that it would take a few more weeks to normalise the flight schedule, that would go into the peak winter season air traffic.

Apart from taking aircraft off flights to reconfigure and install business class seats in them, airline CEO Sanjay Agarwal told PTI, "We decided to reduce frequency in some of the routes where we had multiple flights like Delhi-Mumbai or low passenger load like Nanded-Mysore."

This exercise was part of route rationalisation to improve profitability and revenue productivity of the flights, he said.

Asked whether they had responded to the show-cause notice issued by the Directorate General of Civil Aviation (DGCA), Agarwal said, "We are in close touch with them. We are explaining to them that these cancellations are temporary in nature. We are keeping them informed."

DGCA has issued the notice under Rule 140(A) of the Aircraft Rules, 1937, asking Kingfisher why it had not taken the regulator's prior approval to curtail its flight schedules as required by this rule. It has also sought to know whether the airline had taken any step to facilitate the passengers inconvenienced by the cancellations.

Meanwhile, all the oil PSUs, HPCL, IOC and BPCL, have denied extending credit line to the liquor baron Mallya-owned airline and asked it to pay for lifting jet fuel on a daily basis. The airline has suffered a loss of Rs 1,027 crore in 2010-11 and has a mounting debt of Rs 7057.08 crore.


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Articles Source:- http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-seeks-govt-help-flight-cancellations-continue/articleshow/10691130.cms