Struggling Kingfisher Airlines (IT) said it has moved into a “holding plan” in which it will operate only about 120 flights daily (around a quarter of its full schedule) while it awaits a much-needed recapitalization.
Meanwhile, chairman Vijay Mallya assured employees over the weekend that salaries will begin to be paid again shortly following a suspension in worker pay that extends back to December.
Mallya said that Indian tax authorities have unfrozen IT’s bank accounts, allowing some payments to employees to begin this week. While there have been calls for the wealthy liquor baron to shut down the seven-year-old airline, which has never earned an annual profit, Mallya doubled down in a letter to workers quoted Monday by The Times of India.
“We have managed to keep the lights on in our days of darkness with adversity from every conceivable direction,” he told IT employees, according to the newspaper. “I am personally passionate about and committed to your airline. Please stand by me. Let’s not become fodder for the media and competition to feed off.”
In a statement issued last week, IT said, “Our keen intent is to get recapitalized and to bounce back as a major player in civil aviation.”
Article Source : ATW Daily News
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