Kingfisher Airlines likely to submit revival plan to DGCA

10 Apr 2013

Kingfisher Airlines, the cash-strapped carrier is likely to submit a revival plan for the grounded airline, as its chief executive officer Sanjay Agarwal is expected to meet the Director-General of Civil Aviation (DGCA) on April 10, 2013. The airline has given written commitment to the civil aviation regulator - Directorate General of Civil Aviation that additional funds will be infused by the parent company.

United Spirits’ fund transfer to Kingfisher Airlines is on track with the Competition Commission of India having cleared the sale of a stake in the Indian liquor company to Diageo. In February this year, lenders to the airline started recalling their loans to Kingfisher, after which parent UB Group had discussion with the lenders and asked them to cut their exposure by using the proceeds from the stake sale in United Spirits, a UB Group company. Airline has been grounded since October 2012 following unrest by employees and a subsequent disruption in its flight schedules.

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