Kingfisher to arrange own funds to restart airline
Oct 29 2012, 20:00 | By Reuters
The Director General of Civil Aviation (DGCA) has asked the debt-ridden airline to prepare and submit its winter schedule, the regulator said in a statement.
"The (Kingfisher) CEO further informed that at present, the source of funding for the airline will be through their own resources," the DGCA said.
Kingfisher Airlines, owned by liquor-baron Vijay Mallya has not flown since the beginning of this month, after an employee protest turned violent, and the DGCA on Saturday suspended the carrier's licence over safety concerns.
The license of Kingfisher was issued on August 26, 2003, and is valid till December 31 this year.
But resumption of Kingfisher's flights may take at least 3-4 weeks as the airline would have to satisfy the DGCA on safety issues as well as the viability of their financial and operational plans.
Kingfisher employees have already resumed work after a 27-day strike and a 25-day lockout which was lifted by the management as it agreed to pay by December-end four months salary dues to the employees in a staggered manner.
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