Kingfisher Airlines crisis:Lessors to take back aircrafts

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Kingfisher Flight Fly
Mumbai, Nov 11: Majority of the lessors (lenders who arrange long-term leases for companies) of Kingfisher Airlines are planning to take back their aircrafts they had given in lease to the company as Vijay Mallya owned airlines has been facing massive financial crisis.

The lessors have been negotiating with Kingfisher from the past few days after the airlines failed to pay required amount of money on a leased aircraft due to its worsening financial crisis.

According to sources, Kingfisher airlines is currently losing around Rs 3 to 4 crore per day, which is approximately Rs 100 to 120 crore a month.

Meanwhile, 167 Kingfisher flights have been cancelled since Tuesday (Nov 8). Earlier, on Nov 10, Aviation regulator Directorate General of Civil Aviation (DGCA) had issued a showcause notice to Kingfisher Airlines demanding an explanation for sudden flights cancellation.

Reacting to the matter, Kingfisher Airlines Chief Vijay Mallya Said that, "No shutdown, only ensuring loss minimisation by a flight rationalisation and enhanced revenue through reconfiguration of aircraft."

Moreover, the airlines has already returned about 14 narrow-body A320 aircraft since March this year due to cash burn, leaving it with only 20 planes.

OneIndia News

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