Kingfisher Airlines Ltd. pilots and engineers said they will strike until seven months of unpaid salaries are settled, increasing the pressure on Chairman Vijay Mallya who has personally guaranteed $1.1 billion of the cash- strapped carrier’s debts.
State Bank of India, the biggest lender to grounded Kingfisher Airlines Ltd., said it will seize collateral pledged by the company after the carrier’s Chairman Vijay Mallya filed a lawsuit to stop the creditors.
Kingfisher Airlines Ltd., the Indian carrier that stopped flying in October because of a cash crunch, plans to restart services with funds from parent UB Group, according to an e-mail Chairman Vijay Mallya sent to employees.
Kingfisher Airlines Ltd., the Indian carrier struggling with losses, said it will resume normal service after earlier scrapping about 40 flights when some employees refused to work because they haven’t been paid.
Kingfisher Airlines Ltd., the Indian carrier that’s cut flights and sought government help, rose in Mumbai after the Economic Times said the carrier has a plan to cut its 65 billion rupee ($1.3 billion) of debt by more than half.