Grounded Kingfisher Airlines Posts $132 Million Q3 Loss
February 12, 2014 4:45 PM EST
Grounded Kingfisher Airlines(KING.NS), which has not flown in more than a year, reported yet another quarterly loss as it had no income from operations.
Kingfisher to appeal winding-up plea by creditor
Kingfisher, once India's no. 2 carrier and headed by flamboyant liquor baron Vijay Mallya, said net loss was 8.22 billion rupees for its fiscal third quarter to end-December, compared with a loss of 7.55 billion rupees a year earlier.
Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion to banks, and more to airports and the tax office. Bids to revive operations have seen little success, while some creditors have filed so-called winding up petitions at a court.
Kingfisher had never reported a profit during its eight years of operations.
Kingfisher, which has not flown in more than a year for want of cash, said it would appeal against the Karnataka High Court's order admitting the petition by Aerotron Ltd. Kingfisher said Aerotron was an unsecured creditor.
A Kingfisher spokesman declined to comment further.
Kingfisher, controlled by flamboyant liquor baron Vijay Mallya, owes more than $1 billion to Indian state-run lenders, and hundreds of millions of dollars more to airports and the tax office among others.
India does not have a formal bankruptcy process. Liquidation pleas could take years before a final verdict.
Kingfisher has said several times in the past that it was trying to arrange funds and revive operations, but has seen little success so far.