Kingfisher crisis continues

Unable to raise funds from the markets and fast running out of cash to pay for fuel supplies, Kingfisher continued to cancel flights for the third consecutive day on Friday. Around 130 Kingfisher pilots have quit in the last few months following erratic payment of salaries. Liquor baron Vijaya Mallya who owns the airline said the decision to terminate flights was taken to minimize losses of the carrier, which has a debt of over 1.4 billion dollars. India's aviation regulator has sought an explanation from Kingfisher about the sudden canceling of its flight and the carrier could even face termination of its operating permit if the response is not satisfactory.