Returned aircraft on own accord, says Kingfisher

June 27th, 2012 - 7:33 pm ICT by IANS  

Mumbai, June 27 (IANS) Debt-ridden Kingfisher Airlines Wednesday said it has returned 32 aircraft to the lessors as those were not required under its truncated schedule of operation.

“There have been no forced return of aircraft to lessors. We have voluntarily returned aircraft, surplus to our requirements,” a Kingfisher Airlines official told IANS.

Reports earlier suggested that the aircraft were returned due to non-payment of dues to the lessors. The news saw the the company’s scrip fall sharply by 8.04 percent in Wednesday’s trade at the Bombay Stock Exchange (BSE) to Rs.12.35.

Currently, the airline, which had the lowest market share of 5.2 percent in May, is operating only 13 aircraft from the original strength of 64 in November 2011.

The airline is going through a severe financial crisis and has seen an exodus of pilots and engineers.

It had suspended operations to many cities in the last week of March and asked its staff to stay at home till it managed fresh funding.

The airline’s international operations have been suspended after the International Air Transport Association (IATA) barred the carrier from its inter-airline clearing house and billing and settlement plan accounts due to non-payment of dues.

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