Kingfisher Airline’s lenders to take final call on January 18

07 Jan 2013

Beleaguered Kingfisher Airline’s lenders are expected to take a final call on initiating recovery proceedings against airline, which has a liability of close to Rs 7500 crore. The lenders are expected to take this call in their meeting, scheduled to be held on January 18, 2012. Further, the airline’s operating license, which had expired on December 31 may however, be renewed until December 2014.

The Directorate General of Civil Aviation (DGCA) suspended airlines operating license on October 20 and asked to submit a concrete and viable revival plan ensuring safe, reliable, efficient and sustainable operations. As per the DGCA regulations Kingfisher can renew its license within two years. Further, Kingfisher at a meeting with DGCA’s chief Arun Mishra on December 24, 2012 indicated that the airline would require about Rs 652 crore over the next 12 months for running its operations. Of this amount, Rs 120 crore would be needed to meet salary arrears for its employees.

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