India to Give Away Kingfisher Slots, Flying Rights to Operators
February 26, 2013 2:36 AM EST
The government said it will give away Kingfisher Airlines'(KING.NS) slots and foreign flying rights to other operators in the latest blow to the grounded carrier.
Kingfisher, controlled by liquor baron Vijay Mallya, has been halted due to a cash crunch, and lenders are trying to recover $1.4 billion of loans in default.
Kingfisher, which saw its flying license expire at the end of last year, has two years from then to apply for a renewal. But with lenders, airports, and banks looking to recover their dues, and with its slots going to rivals, a comeback could prove extremely difficult for the airline, once India's no.2 carrier.
The civil aviation ministry said in a statement it will make the slots and flying permits available to other airlines.
Indian carriers will now have an additional 25,000 seats available each week to fly to these countries, the statement said.
Kingfisher posted a 7.55-billion-rupee loss in the three months to December 31 as its planes sat idle, and regulators rebuffed its revival plans.
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions