Mallya’s Kingfisher airline $1 billion in debt
11 November, 2011
Reports on Friday are revealing an ever-worsening situation within the Indian billionaire’s airline Kingfisher, which is crippled under more than $1 billion in debt.
Flights are being cancelled, unpaid suppliers are threatening to reclaim planes and the share price is crashing, and Bloomberg reports that the Indian government has been approached about a bailout.
“Unless there is an infusion of money at this point, I don’t really see how it’s going to survive,” said an Indian aviation expert.
“That infusion of money has to come from Mallya. I can’t see anybody else who’s going to put money in.”
Kingfisher is a visible sponsor on this year’s Force India car.