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Debt: Kingfisher to cancel 31 flights daily till Nov 19
At least 34 flights of Kingfisher airlines were cancelled on Tuesday with the Vijay Mallya-owned carrier maintaining these were planned curtailments.
Kingfisher plans to cancel 31 flights daily till November 19, including four international flights to Bangkok, according to the Mint newspaper.
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Debt: Kingfisher to cancel 31 flights daily till Nov 19
"The curtailment of flights has been due to process of reconfiguration of our aircraft," Kingfisher CEO Sanjay Agarwal told PTI.
The airline had recently announced its exit from the low-cost carrier market.
It said that all its aircraft would now on have business class seats as against several planes having only economy class-seating arrangements.
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Debt: Kingfisher to cancel 31 flights daily till Nov 19
To questions on the airlines dues to the oil companies, Agarwal said, "Our unreserved exposure (vis-a-vis oil companies) now is not even 10 per cent. It is much better than before."
Kingfisher sources said that the three oil companies HPCL, BPCL and IOC have corporate guarantees from the UB Group, which owns the airline.
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Debt: Kingfisher to cancel 31 flights daily till Nov 19
However, sources in the oil PSUs had earlier said Kingfisher has to pay dues on a regular basis including an outstanding amount of Rs 600 crore (Rs 6 billion) to HPCL.
Aviation sources said the airline has also grounded six ATR aircraft.
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Debt: Kingfisher to cancel 31 flights daily till Nov 19
A company statement said, "For a limited period, these flights are either being cancelled or clubbed with other Kingfisher flights in a well-controlled and pre-determined manner.
"In continuation of our earlier announcement to focus on the full-service market, KFA has initiated reconfiguration of its aircraft."