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Kingfisher Offers to Stroked Workers

Bankrupt Kingfisher Airlines is seven months back on salary payments, is now proffering to pay three months wages by November 13 for Diwali offer and create apparent the arrears every month after that, if striking employees come back to work by Friday.

Chief Executive Sanjay Aggarwal said to reporters on Monday he was sanguine employees would back the offer and he likely a result in a day or two.

Kingfisher, proscribed by the glitzy Vijay Mallya, has never made revenue since it was established in 2004 and is stumbling under $1.4 billion debt. Its fleet has been beached since begin of the month when an employees dispute turned aggressive.

"It's a pale deal and expectantly all employees will recognize the offer," said Vikrant Patkar, a striking pilot at Kingfisher, who was part of the talks with the management. "We will quickly be back in the sky if (it) works out."

However, even if Kingfisher finds employees back on board, it still has to induce the Indian controller to reinstate its licence, which was suspended on Saturday after it failed to deal with concerns about protection.

The airline plans to convene the Directorate General of Civil Aviation with a renewal plan in the "near future", Aggarwal said, while waning to give a more detailed time frame.

It will also expected meet its lenders by last part of this month to talk about a rotate plan. Kingfisher is in talks with a couple of airlines for venture to help revitalize operations. Last month, India permitted foreign airlines to buy stakes of up to 49 percent in local carriers, an acceptable policy go porches for by Kingfisher and perceives as providing a support to the country's debt-laden operators.

"We are keeping on talks on recapitalization. Those discussions sluggish down but they are not caught up," Aggarwal said. "We are devoted to clear the (salary) arrears once we are recapitalized."

The Centre for Asia Pacific Aviation has said a completely sponsored rotate for Kingfisher would cost at least $1 billion.

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