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Kingfisher crisis deepens; govt says no bailout
Kingfisher Airlines, controlled by liquor baron Vijay Mallya, cancelled more flights on Monday and the government said it will not bail out the ailing carrier, local media reported.
Kingfisher Airlines , controlled by liquor baron Vijay Mallya, cancelled more flights on Monday and the government said it will not bail out the ailing carrier, local media reported.
Top officials of Kingfisher, including CEO Sanjay Aggarwal, were summoned by the Directorate General of Civil Aviation to explain disruptions in flight operations, media reports said.
Civil Aviation Minister Ajit Singh said on Monday the government does not have any bailout plan for the cash-strapped airline.
"Government is not going to ask banks to bail out any private airline, or any private industry for that matter," Singh was quoted.
On Sunday, 32 out of the 240 flights Kingfisher operates each day were cancelled, the airline said in a statement.
The carrier, which is battling mounting losses and cash problems, said it had reduced operations but promised to return to full service within days.
