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Kingfisher revival plan lacks clear funding proposal: Aviation Minister Ajit Singh

Reuters
Dec 26, 2012 at 04:41pm IST

New Delhi: A revival plan submitted to the aviation regulator by grounded carrier Kingfisher is not backed by a clear funding proposal, the aviation minister said on December 26.

Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money to banks, airports, tax authorities, plane leasing companies and its staff.

"That is Mallya's wish to start, but UB (group) did not say they are going to give anything," Aviation Minister Ajit Singh told reporters, referring to the airline's chairman, Vijay Mallya, and its parent company. "There has to be a concrete plan."

Kingfisher revival plan lacks clear funding proposal

Kingfisher, which has not flown since October, has estimated debts of $2.5 billion.

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