In the airline world, Kingfisher Airlines faces a meeting with its bankers – 17 banks have over 70 billion rupees ($US 1.26 billion) in advances to the carrier. The carrier has not serviced this debt since January, 2012. Kingfisher airlines also has an accumulated loss of over Rs. 80 billion rupees ($US1.4 billion). Since its launch in May 2005, the airline has never made profit. It has not been paying salaries consistently for a year now. The result has been a series of rolling strikes by staff for payment of wages. Last week, the Centre for Asia Pacific Aviation (CAPA), said Kingfisher must…
Indian Airline Industry
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