Financially stretched Kingfisher Airlines Monday submitted its revival plans to the aviation regulator which had cancelled its flying licence over safety concerns.
"They (Kingfisher Airlines) submitted their revival plans to the director general of civil aviation (DGCA) in a meeting held today (Monday)," a civil aviation ministry source told IANS.
The company, however, refused to comment on the development.
The aviation regulator Oct 20
suspended the operating licence of the airlines, citing the passenger
carrier's inability to provide any reasonable revival plans.
The airline was then asked to prepare a credible revival plan and present it to the DGCA, which will take a final call on restoring the airline's operating licence.
The regulator had also rejected
the carrier's winter schedules for flight departures. The airline last
year had a departure rate of 2,930 flights per week, but has since
reduced capacity due to mounting debt and an exodus of employees.
The airline is desperately trying to stay afloat and wants to restart
operations which were crippled since Oct 1 by an employees' strike, a
lockout and suspension of its flying licence.
The development is also seen in the light of an impending license
renewal that was supposed to have taken place on Dec 31. The airline is
also trying to woo potential investors.
Last week, the airline said it will restart operations in a phased manner. However, it did not give any time line for it.
"We will restart in a phased manner and will provide funding
ourselves. We have not asked the banks for any support," the company
said in a statement after a meeting with lenders in Mumbai.
"We have also shared a full
recapitalisation plan which will be further discussed with a small
designated group of bankers," the company said.........read more.
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