India’s Kingfisher Grounds 15 Planes

Posted December 19th, 2011 at 5:30 am (UTC-5)
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A report in an Indian financial newspaper says one of the country's main airlines has grounded 15 planes because it is not able to pay the maintenance costs for the aircraft.

The Economic Times said Monday that Kingfisher Airlines' owner, liquor tycoon Vijay Mallya, is seeking working capital from the airline's investors.

The newspaper says the grounded planes are parked at airports around the country. Airline executives say the parking fees and the rental leases on the grounded planes are a continuing burden on the cash-strapped carrier.

The newspaper says the airline had 69 aircraft in its fleet at the end of last year and now has 40 in its active fleet.

The Economic Times says more than 50 pilots left Kingfisher last week.