INDIA-based airline Kingfisher has plunged to a record loss of 7.54bn rupees (£86.7m) for the quarter, piling further pressure on the embattled carrier.
Kingfisher, which suspended all flights last month and has struggled to pay its staff for most of the year, said revenues crashed 87 per cent to 2bn rupees.
Creditors have reportedly set a 30 November deadline for Vijay Mallya’s airline to bring in fresh equity or an investor.
Kingfisher has been scrambling without success to find fresh investment. No global airline has publicly expressed an interest in buying a stake.
The Centre for Asia Pacific Aviation has said a fully funded turnaround for Kingfisher would cost at least $1bn. This week, a top government official said India would not renew the airline’s licence if it failed to provide a turnaround plan by the end of December.