Vijay Mallya denies Kingfisher Airlines is about to collapse

INDIAN playboy billionaire Vijay Mallya, the man behind the Kingfisher brand and the Force India Formula One team, has dismissed speculation that Kingfisher Airlines might collapse, despite cutting flights and seeking new loans and government assistance.
 
Mallya, who is known as India's answer to Richard Branson and a symbol of the country's economic emergence, told a press conference in Mumbai today: "To suggest an immediate grounding of the airline is neither fair nor reasonable."
 
However, Bloomberg reports that the airline, which only began flying in 2005, has delayed an order for five new Airbus A380 superjumbos and is hoping to raise 10 billion rupees in new loans. It could also hold a rights issue and sell property in Mumbai to raise funds.
 
Having posted a loss for 16 consecutive quarters, Kingfisher haemorrhaged 4.69 billion rupees ($58m) in the three months to September, double the figure for the same period in 2010.

The Daily Telegraph reports that Mallya, aka The King of Good Times, has "lost his touch". It reports: "Travel agents throughout the country are now advising passengers to boycott the airline in favour of rivals over the high number of Kingfisher flights being cancelled." ·