New Delhi: Cash-strapped Kingfisher Airlines' CEO Sanjay Aggarwal has written to the airline employees asking them to help the airline back to normalcy. "We need you to help us to have any chance of getting back to normalcy. Hope we will able to present viable plan to the DGCA and we hope to resume operations on October 13."
Sanjay's letter says that the airline management has been working relentlessly to try and rectify the salary situation. He also added that the Consortium of Banks is anxious to see the airline resume operations. This is the first time KFA management has written to employees since the showcause notice.
Kingfisher Airlines, once India's second-largest airline, is half a year behind on salary payments and has grounded its fleet since Monday. Over 80 pilots and 270 Kingfisher engineers have been on intermittent strikes over the past few months, primarily over delay in payment of salaries. The Kingfisher management had also threatened to take legal action against the striking workers if they did not resume their duties.
Kingfisher has been saddled with a huge loss of Rs 8,000 crore and a debt burden of over Rs 7,000 crore, a large part of which it has not serviced since January. Several of its aircraft have been either taken away by its lessors or grounded by the Airports Authority of India for non-payment of dues during the past few months. Kingfisher's net loss in 2010-11 was Rs 1,027 crore and it doubled to Rs 2,328 crore in 2011-2012. The airline also owes money to 17 banks.
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