Govt willing to support Kingfisher Airlines revival plan if employees' dues cleared: source

Reuters : New Delhi, Tue Jan 22 2013, 15:34 hrs

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India is willing to support the revival plan of grounded Kingfisher Airlines Ltd if the company were to settle its employees' dues, a senior government source told reporters on Tuesday.

The statement came after Kingfisher Chief Executive Sanjay Aggarwal met officials at the ministry of civil aviation to discuss the revival plan, which was earlier rejected by the regulator.

Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors.

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