Banks unenthusiastic to bail out Kingfisher Airlines

NEW DELHI: Although Kingfisher on Friday disputed TOI’s front page report that on Thursday it operated only 269 flights, or 64% of its winter schedule of 418, director general of civil aviation minister Vayalar Ravi on Friday for a financial bailout for Vijay Mallya-promoted Kingfisher Airlines appears to have failed to move lenders or the finance minister to get some assistance from the lead banks for the airline.

The divergence in the government came to the fore on a day when the company’s stocks plunged to a lifetime low. Although Kingfisher on Friday disputed TOI’s front page report that on Thursday it operated only 269 flights, or 64% of its winter schedule of 418, director general of civil aviation minister Vayalar Ravi on Friday for a financial bailout for Vijay Mallya- promoted Kingfisher Airlines appears to have failed to move lenders or the finance ministry.

They seem unwilling to provide fresh support, arguing that the unutilized slots might be allotted to other carriers. The operational and financial troubles at India’s second largest airline by market share prompted Ravi to take up cudgels on its behalf.