Vijaywada-based Air Costa On the Brink, Stops taking future Bookings.
As per sources, the airline reported a loss of Rs 130 crore and revenue of Rs 327 crore in 2015-16. Sources further said that the airline is yet to pay salaries for the month of January. Two Embraer aircraft used by Air Costa have been impounded due to payment defaults even as the airline is expected to receive 50 more such aircraft next year.
Against this background, it hunts for new investors to back it.