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Kingfisher Airlines: Accumulated net losses reach USD2.8bn, exploring options to resume operations

3-Jun-2013 12:53 PM

Kingfisher Airlines stated (31-May-2013) it has accumulated losses of INR160.2 billion (USD2.8 billion) as of 31-Mar-2013 and the company has a net worth of negative INR129.1 billion (USD2.3 billion). The company confirmed its operating permit has lapsed and is yet to be renewed. Kingfisher Airlines’ banking consortium has recalled their debts in Apr-2013. The company has detailed plans for renewal of its operations and has filed an application with India's Directorate General of Civil Aviation to renew its permit and is “exploring various options” to recapitalise and resume operations. The airline stated that based on its evaluation of the current situation, its plans and discussions underway with prospective investors, its management is confident of raising adequate finance, obtaining a renewal of its operating certificate, rescheduling its debt and receiving continued support from UB group. The management “holds the view that the company will realise its assets and discharge liabilities in the normal course of business”. [more - original PR]