Kingfisher Airlines to return leased aircraft
March 14, 2012, New Delhi, India - India's financially troubled Kingfisher Airlines says it will cut back its overseas flights and return leased aircraft as part of its strategy to reduce costs.
March 14, 2012 By Carey Fredericks
The debt-crippled airline has already returned a wide-bodied aircraft to its lessor in the U.K., the airline said in a statement Wednesday.
Kingfisher chairman Vijay Mallya is scheduled to meet with the airline's pilots on Thursday. Scores of flights were cancelled this week after pilots refused to work to protest unpaid salaries.
Kingfisher has been struggling with a debt of $1.3 billion. It posted a loss of $90 million in the quarter ended December.
In the past few months the airline has grounded planes, failed to pay staff and cancelled flights. It has been in the red since beginning operations in 2005.