Bad times for the King of Good Times
India’s second biggest airline, Kingfisher, is in a race to raise funds.
The loss-making airline plans to withdraw 32 flights a day on key inter-city till November 19 following a recent decision to discontinue with its low-cost operations.
“Extreme situations call for extreme measures,” a company official said, although India’s civil aviation authority was not impressed, calling for passengers left without flights to be compensated.
Kingfisher Airlines, founded by liquor baron Vijay Mallya – known as the “King of Good Times” – announced last month it was axing its low-cost service, saying it was getting better revenues from the premium carrier.
Kingfisher has a 20 percent market share, and is the second largest carrier after Jet Airways (26 per cent).
Local media reports that the UB Group subsidiary, which commenced operations in May 2005, has been under financial stress and has been defaulting on payments to oil companies and airports.
Ian Jarrett
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