Regulator acts against India's Kingfisher Airlines

Associated Press Modified: October 6, 2012 at 8:00 am •  Published: October 6, 2012
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"The money that has been released by the tax authorities, 80 percent of that will be made available to the company on humanitarian grounds, specifically to pay salaries of the employees," SBI chairman Pratip Chaudhuri told the Press Trust of India.

The Center for Asia Pacific Aviation, an airline industry research group, puts Kingfisher's outstanding debt at $2.5 billion, including about $1.1 billion in bank debt, and says its accumulated losses swelled to $1.9 billion by the end of June.

Kingfisher spokesman Prakash Mirpuri declined to comment on the release of funds.