A chronology of the fall and fall of Kingfisher Airlines :
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11 April 2012 | Kingfisher gets partial relief from Iata
In a partial relief to the debt-laden Kingfisher Airlines Ltd, the International Air Transport Association, or Iata, an umbrella body for airlines, has agreed to open its system to the airline for processing refunds on unused tickets.
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• 10 April 2012 | Kingfisher making cash and carry payments to airports: GMR
Kingfisher Airlines is making regular cash and carry payments to GMR’s Delhi and Hyderabad airports, a GMR Group executive said on Tuesday.
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• Govt likely to decide on aviation FDI on Thursday: official
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• 4 April 2012 | Kingfisher asked to pay $12 mn in service tax soon
Indian tax authorities have asked debt-laden Kingfisher Airlines to clear service tax dues of Rs. 60 crore ($11.84 million) at the earliest, a top finance ministry official said on Wednesday.
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• 3 April 2012 | Airbus not to insist on Kingfisher taking aircraft delivery
In temporary relief to Kingfisher Airlines, Airbus has said it will not insist that the cash- strapped carrier take the delivery of the aircraft it had ordered till its financial health improves.
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• 2 April 2012 | Kingfisher Airlines staff issue ultimatum on salary dues
Kingfisher Airlines chairman and managing director Vijay Mallya’s assurances by email on Monday—that junior staff drawing less than Rs20,000 a month will be paid their dues before Easter, which falls on 8 April, and pilots and engineers will get their salaries the following day—didn’t carry much weight with the employees.
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• Kingfisher to resume salary payment: Mallya
Kingfisher Airlines will resume payment of staff salaries starting from this week after tax authorities unfroze its bank accounts, the airline’s chairman and managing director, Vijay Mallya, said in a letter to employees.
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• 29 March 2012 | SpiceJet set to cash in on Kingfisher crisis, may make Delhi regional hub
Low-fare carrier SpiceJet Ltd could make Delhi airport its second base for regional flights, taking over some routes vacated by Kingfisher Airlines Ltd, which has shrunk operations because of a funds crunch.
Media tycoon Kalanithi Maran-controlled SpiceJet had ordered 15 turboprop Q400 aircraft from Canadian manufacturer Bombardier Inc. and made Hyderabad its southern hub for regional one-hour flights. At least seven Q400 have been inducted into the airline’s fleet, while the rest are scheduled to join between May and December.
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• 28 March 2012 | Kingfisher Airlines appoints directors to meet rules
Troubled Indian carrier Kingfisher Airlines Ltd has named three independent directors on its board to comply with rules, after the last of its independent directors quit last week amid growing concerns over its survival.
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Mallya speculated to be in talks with Heineken for UB stake sale
The two executives, who didn’t want to be identified, said that Mallya, who owns a 23% stake in UB, is in talks with Heineken International BV, which holds 37.5% of the company, for the sale of a 12% stake.
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• 27 March 2012 | Kingfisher Airlines trims summer flights
Debt-laden Kingfisher Airlines Ltd rolled out a curtailed summer schedule on Tuesday and called it a “holding plan” as it awaits decisions by the government and bankers that will decide the fate of employees that the company has asked to go on leave.
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• 26 March 2012 | ICICI Bank asks Kingfisher to repay a part of Rs600 cr loan
The country’s largest private lender ICICI Bank Ltd has asked Kingfisher Airlines Ltd to repay a part of a Rs. 600 crore loan or furnish more securities even as the debt-laden carrier continued to reduce the number of flights it operates to save costs.
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• 23 March 2012 | Kingfisher seeks more time to pay service tax dues
Cash-strapped Kingfisher Airlines has sought more time from the revenue department to pay its service tax dues of about Rs76 crore, a finance ministry official said on Friday.
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• 21 March 2012 | Kingfisher may withdraw from Hyderabad
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• 20 March 2012 | Govt may cancel Kingfisher Airlines licence
Union civil aviation minister Ajit Singh warned Kingfisher Airlines that its licence may be cancelled if safety norms and financial viability conditions are not met, in the latest blow to the beleaguered carrier.
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Kingfisher may resort to layoffs to cut costs
Kingfisher Airlines Ltd may lay off employees as it prepares to run just one-fourth of its fleet and wind up its international flights, according to three airline executives.
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• 19 March 2012 | Kingfisher top brass to meet DGCA on Tuesday
The top management of the ailing Kingfisher Airlines Ltd will meet the aviation regulator on Tuesday to present a fresh recovery plan, amid speculation that the carrier will reduce its fleet to 16 from the current 28 and curtail international operations.
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• 18 March 2012 | Kingfisher to submit recovery plan to regulator this week
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• 15 March 2012 | Kingfisher response inadequate: DGCA
The fate of Kingfisher Airlines Ltd, which has suffered one setback after the other in the past few weeks, is hanging in the balance after it failed to assuage the regulator’s concerns about the troubled carrier.
The Directorate General of Civil Aviation (DGCA) found Kingfisher’s reply to a show-cause notice “unsatisfactory”, said a person with knowledge of the matter. The notice, asking why it should be allowed to continue operations, was issued at the end of January and the mandatory fortnight the airline gets before the regulator takes action ended around a month ago, said the person, who didn’t want to be named.
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• 14 March 2012 | Kingfisher being constantly monitored, says DGCA
Director general of civil aviation E.K. Bharat Bhushan said ailing Kingfisher Airlines Ltd is being continuously monitored by the regulator with daily reports to the ministry.
“We’ll make specific recommendations to the ministry,” he said in Hyderabad on Wednesday, without divulging details.
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• 13 March 2012 | Marshall your own funds, Mallya told
Aviation minister Ajit Singh has asked Kingfisher Airlines Ltd to rustle up its own funds and said while banks were free to lend more money, they’d have to do so on commercial principles, seeming to rule out any form of government bailout.
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• 12 March 2012 | Kingfisher cancels more flights as pilots stay away from work
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• 9 March 2012 | Kingfisher struggles with ticket sales
Kingfisher Airlines Ltd is struggling to find new options to sell tickets after the International Air Transport Association (Iata) suspended the carrier from its payment gateway, responsible for about 70% of sales through travel agents.
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• 7 March 2012 | Kingfisher suspended from Iata clearing system
Cash-strapped Kingfisher Airlines Ltd has been suspended for the second time in two months from the International Air Transport Association (Iata) Clearing House system for defaulting on payments.
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• Kingfisher expects bank accounts to be reactivated soon
Ailing carrier Kingfisher Airlines said on Wednesday it is working with the tax authorities to reactivate its bank accounts and expects the accounts to be “un-attached” soon.
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• Sanjay Aggarwal | Govt policy needs to change to resurrect Kingfisher
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• Kingfisher, Jet, Air India get payment jolts
The country’s three full-service carriers—Kingfisher Airlines Ltd, Jet Airways (India) Ltd and Air India Ltd—were all jolted separately over late payments on Wednesday. While Kingfisher faced exclusion from the global ticketing system for not paying its dues, the other two had to contend with pilots angry about salaries not being paid.
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• 4 March 2012 | Kingfisher pilots plan stir over delayed payments
Some pilots of Kingfisher Airlines Ltd on Sunday threatened to agitate for outstanding salaries if they are not paid by 12 March, even as tax authorities froze another seven bank accounts of the beleagured carrier on Friday because it has not paid its dues.
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• 1 March 2012 | DGCA may deregister another Kingfisher plane
Three of the airline’s Airbus A320 aircraft (registrations VT-KFA, VT-KFD and VT-KFE) have been deregistered by the regulator over the past two months, said a government official, who declined to be named.
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• 27 February 2012 | Kingfisher in talks to rescue carrier: Mallya
Kingfisher Airlines is talking with two foreign carriers about a potential rescue package that could be announced within days, Kingfisher’s chairman, Vijay Mallya, said in an interview with the Times newspaper on Monday.
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• Kingfisher says organised funds to pay salaries
Kingfisher Airlines has organised funds to pay overdue salaries, chairman Vijay Mallya told staff in an email, offering assurances that he would reward employees who stay committed to debt-crippled carrier.
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• 26 February 2012 | No decision on fresh loans to Kingfisher by SBI
State Bank of India (SBI), the lead lender to Kingfisher Airlines will not consider any fresh loans for the debt-laden carrier until it raises new equity itself, a senior executive of the state-owned bank said.
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• 26 February 2012 | Kingfisher’s nosedive poses dilemma for the govt
As Kingfisher Airlines careens toward collapse, the government finds itself between a rock and a hard place.
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• 23 February 2012 | Kingfisher aircraft being checked daily by DGCA
The Vijay Mallya-promoted airline is passing through a rough patch with about half its fleet grounded and income tax authorities refusing on Thursday to unblock its accounts as it has not paid dues.
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• 23 February 2012 | No more SBI loans to Kingfisher
State Bank of India, the country’s top lender, has not extended further loans to debt-crippled Kingfisher Airlines, a bank official said, denying reports that the state-owned creditor was close to offering a lifeline.
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• 23 February 2012 | Kingfisher CEO hasn’t quit, Mallya insists
Vijay Mallya denied that the chief executive officer of his Kingfisher Airlines Ltd had quit, as the carrier laboured under a mountain of debt and was again barely able to get its planes into the air on Wednesday, with flight cancellations continuing to leave passengers stranded.
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• 22 February 2012 | Bank bailout for Kingfisher hangs in balance
Lenders to Kingfisher Airlines have not agreed to extend further loans to the debt-crippled carrier, three banking sources said on Wednesday after reports that one state-owned creditor had agreed on a bailout loan package.
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• 22 February 2012 |
Quick Edit : India loves Kingfisher
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• 22 February 2012 | Kingfisher gets Rs200 cr aid from banks
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• 21 February 2012 | DGCA asks Kingfisher for revised schedule
India’s debt-crippled Kingfisher Airlines Ltd stood on the brink of collapse on Tuesday after nearly a week of flight cancellations and the resignation of dozens of its pilots.
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• 20 February 2012 | Kingfisher to return aircraft to lessors as disruptions continue
Kingfisher Airlines Ltd has told the regulator that it plans to return some aircraft voluntarily to lessors as their leases have been terminated because of payment defaults and blamed the income tax department for flight disruptions on Monday.
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• Views |
Flight deck turbulence
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• 20 February 2012 | Kingfisher woes mount as Govt rules out help
India’s aviation regulator has summoned top executives of Kingfisher Airlines to explain large number of flight cancellations since Saturday, even as the aviation minister ruled out providing any aid to the loss-making carrier.
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• 20 February 2012 | DGCA probes Kingfisher cancellations
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• 16 February 2012 | Kingfisher Airlines third quarter losses widen to Rs444.26 crore
Kingfisher Airlines Ltd’s third-quarter loss widened as it cut flights during the peak season and operating costs rose on high jet fuel prices and a steep depreciation of the rupee against the dollar.
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• 14 February 2012 | Divergent routes, one destination
India’s top two full-service private airlines Jet Airways (India) Ltd and Kingfisher Airlines Ltd are taking diametrically opposite routes towards the same goal—survival and revival.
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• 13 February 2012 | Kingfisher to pay Rs5,000 stipend to staff at airports
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• 8 February 2012 | Aviation ministry seeks assurance on fuel
The civil aviation ministry has asked the petroleum ministry to persuade state-owned companies not to halt fuel supplies to airlines at short notice as it disrupts flights and causes inconvenience to passengers.
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• 4 February 2012 | Kingfisher Airlines’ oneworld entry put on hold
In a fresh blow, the cash-strapped Kingfisher Airlines Ltd, on Friday late night said it has put the airline’s entry into global grouping of airlines —oneworld — is put on hold, with out specifying details.
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• 31 January 2012 | Aviation regulator deregisters two Kingfisher Airlines aircraft
India’s aviation regulator, the Directorate General of Civil Aviation (DGCA), has deregistered two aircraft in the fleet of Kingfisher Airlines Ltd following a letter from the German lessor of the planes in which it stated that payments were not being made on time.
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• 24 January 2012 | Mallya likely to meet DGCA chief
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• 19 January 2012 | Kingfisher in talks with SC Lowy for raising funds
Kingfisher Airlines is in talks with Hong Kong-based distressed debt firm SC Lowy Financial for a possible investment, a sign the cash-strapped carrier may be running out of more attractive traditional funding options.
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• 17 January 2012 | Mallya makes an appeal to employees
In an emotional appeal to the employees of cash-strapped Kingfisher Airlines Ltd , the carrier’s billionaire founder Vijay Mallya said he was “working tirelessly” to raise funds and sought their help to restore trust among customers.
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• 16 January 2012 | Unpaid Kingfisher pilots may call in sick
Several pilots of Kingfisher Airlines Ltd have threatened to call in sick this week to protest against non-payment of salaries and deteriorating working conditions.
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• 11 January 2012 | Kingfisher likely to cut more flights in summer
Cash-strapped Kingfisher Airlines Ltd may be looking at a second round of flight cuts starting April, indicating that finances are still not in order at the Vijay Mallya-controlled carrier.
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• 6 January 2012 |
Quick Edit : Justifying a bad bet
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• 5 January 2012 | Kingfisher Airlines an NPA: SBI chief
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• 20 December 2011 |Kingfisher Airlines violated tax rules: Govt
Cash-strapped Indian carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees’ salaries for the last two fiscal years, minister of state for finance, S. S. Palanimanickam said on Tuesday.
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• 19 December 2011 | Kingfisher grounds 15 planes; banks working with airline
Beleaguered Kingfisher Airlines has grounded 15 planes in its fleet as it battles a prolonged cash crunch, a company executive told Reuters, as banks continue efforts to prop up the airline, which until recently was India’s second-largest.
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• 12 December 2011 | Kingfisher Airlines’ accounts frozen on non-payment of service tax
The service tax department in Mumbai on Monday froze 11 accounts of Kingfisher Airlines Ltd for non-payment of service tax of atleast Rs. 70 crore, according to a senior official of the department. The decision to freeze the accounts was taken by the Central Board of Excise and Customs (CBEC), apex body that regulates and administers collection of indirect taxes the official said.
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• 9 December 2011 |
Quick Edit : Rough weather
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• 9 December 2011 | Govt rules out second loan recast for Kingfisher
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• 2 December 2011 | Mallya says Kingfisher still in talks with local investor
India’s Kingfisher Airlines is still in talks with a potential local investor to raise funds, its chairman said Friday, even as woes mounted for the cash strapped carrier with a major airport set to stop facilities on credit.
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• 29 November 2011 | Kingfisher to hold meetings with staff as concerns mount
The management of Kingfisher Airlines Ltd is trying to pacify employees, who have not been paid for nearly two months, as anger mounts and experienced pilots start leaving the cash-strapped carrier ahead of the difficult winter season.
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• 20 November 2011 | Mark to Market : The reasons for Kingfisher’s debacle
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• 18 November 2011 | Petroleum ministry not in favour of easing Kingfisher terms
The petroleum ministry doesn’t favour easing the terms on which jet fuel is supplied to Kingfisher Airlines Ltd, deprived of credit by state-owned oil marketing companies (OMCs) as it battles an unprecedented cash crunch.
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• 17 November 2011 | Kingfisher looks to shut some stations, reduce workforce
After reducing flights, cash-strapped Kingfisher Airlines Ltd may shut more than a dozen smaller stations across India and ask some employees to search for jobs over time as it seeks to cut costs.
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• 17 November 2011 | Kingfisher proposal to be ‘considered on merit’
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• Mark to Market | A debt-fuelled bumpy ride
The UB Group is no stranger to fuelling growth using debt, but this strategy has backfired in the aviation business. Its alcoholic beverages business, too, has a sizeable interest outgo, but its profits are adequate to service debt. In the aviation business, the situation is quite the reverse. The business itself is capital-intensive and has a long gestation period. Then, rising crude prices have increased costs, which airlines have not passed on in full to customers. Profitability and cash flows both have been affected, a fact made worse by the high level of interest payments, pushing Kingfisher Airlines Ltd deeper into the red.
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• 16 November 2011 | Kingfisher seeks more money to keep flying
Vijay Mallya, chairman of loss-making Kingfisher Airlines Ltd, said on Tuesday it was too early to write off the carrier, which is saddled with about $1.5 billion (Rs7,590 crore today) in debt and has been cancelling around 50 flights a day to cope with a cash crunch.
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• 15 November 2011 | Kingfisher extends flight cuts by a month
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• 15 November 2011 | Kingfisher Airlines doubles loss on fuel costs
India’s cash-strapped Kingfisher Airlines doubled its loss in the September quarter on higher fuel prices and operating costs amid investor worries about its ability to remain aloft in a fast-growing but loss-making industry.
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• 14 November 2011 | Creditors ask Kingfisher to raise Rs800 crore equity
Kingfisher Airlines has been asked to raise $160 million in equity by creditors and the cash-strapped carrier is considering a proposal to sell property to help pave the way for debt restructuring, a senior banker said on Monday.
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• 13 November 2011 | Kingfisher has to bring in more equity: SBI chairman
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• Quick Edit |
Too big to fail?
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• 12 November 2011 | Govt lifeline likely for Kingfisher
The government has, in principle, decided to allow investment by foreign carriers in the domestic aviation sector, a move that could potentially throw a lifeline to the cash-strapped Kingfisher Airlines Ltd.
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• 10 November 2011 | Kingfisher seeks capital to stay afloat
Beleaguered Kingfisher Airlines Ltd plans to ask lessors to return cash worth $170 million kept as deposits with them in return for bank guarantees, as it fights to stay afloat in a slowing economy.
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• 9 November 2011 | DGCA to pull up Kingfisher for cancellations
India’s aviation regulator, the Directorate General of Civil Aviation (DGCA), plans to ask Kingfisher Airlines Ltd to explain why it cancelled scheduled flights at the peak of the travel season without permission to do so.
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• 2 November 2011 | Kingfisher Airlines asks for more cushion from banks
India’s No. 2 carrier Kingfisher Airlines on Wednesday sought further cushion from banks to ease its debt burden, but denied it was seeking another debt restructuring.
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• 17 October 2011 | Kingfisher says capital crunch hurting salary payments
Kingfisher Airlines Ltd has told employees that a looming capital crunch coupled with a gloomy economic environment is making it difficult for the carrier to pay salaries on time.
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• 14 October 2011 | Fuel supply suspension delays Kingfisher flights
State-run oil refiner Hindustan Petroleum Corp. Ltd (HPCL) temporarily suspended supply of fuel to Kingfisher Airlines Ltd on Thursday for the second time in four months.
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• 12 October 2011 | Kingfisher delays salaries for second consecutive month
India’s second largest carrier by passengers suffered a loss of Rs1,027 crore in the year ended 31 March, by when it had accumulated Rs7,057.08 crore in debt.
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• 5 October 2011 | Exiting low fare segment a risky bet by Kingfisher
Vijay Mallya, promoter of Kingfisher Airlines Ltd, was never really comfortable with the carrier’s low-fare association following the purchase of Air Deccan. At a board meeting in 2007 soon after that purchase, Mallya made a point about finding airports dustbins filled with Air Deccan baggage tags as passengers didn’t want to be seen as having flown by the low-fare airline.
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• 30 September 2011 | Sanjay Aggarwal : There’s no impounding of aircraft as far as Kingfisher is concerned
Kingfisher Airlines Ltd is struggling to stay afloat as it deals with multiple financial and operational issues, including debt of Rs7,057.08 crore as of 31 March, a continuous run of losses, disputes over leases and grounded planes. The latest moves by India’s second largest carrier as part of the revival exercise include doing away with the low-fare Kingfisher Red brand. That announcement by chairman Vijay Mallya on Wednesday grabbed the most attention on a day when the carrier held its annual general meeting (AGM) in Bangalore. The AGM was, among other things, meant to instill confidence among shareholders worried about the company’s future.
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• 29 September 2011 | Kingfisher to exit low-fare segment
Kingfisher Airlines Ltd, India’s second largest airline by passengers carried, will exit the low-fare segment, chairman Vijay Mallya said, adopting a strategy that’s diametrically opposite to that of market leader Jet Airways (India) Ltd.
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• Mark to Market | Markets write off Kingfisher Airlines’ new strategy
Kingfisher Airlines Ltd’s decision to exit the low-fare segment is baffling, to say the least, especially at a time when the country’s largest airline, Jet Airways (India) Ltd, is expanding the proportion of low-fare flights. The markets, however, seem to have made up their minds on how this will affect the airline—Kingfisher Airlines’ share price fell by 7.5% on the National Stock Exchange, touching a new low in the process. At current prices, the company has a market value of only Rs1,137 crore, a fraction of the size of its revenue (Rs6,500 crore) and of its assets (Rs9,500 crore).
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• 15 September 2011 | ‘Kingfisher Air viability requires funds’
Kingfisher Airlines needs a capital infusion to remain viable, its auditors have said, pushing the carrier’s shares to near historic lows on Thursday, amid fierce competition in a fast-growing airline sector with big expansion plans.
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• 26 August 2011 | Kingfisher board approves Rs2,000 cr rights share issue
Private-sector carrier Kingfisher Airlines Ltd said on Friday its board had approved a rights issue of shares to raise up to Rs2,000 crore ($434 million).
The company, promoted by liquor baron Vijay Mallya, gave no timing or details of the proposed issue.
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• 11 August 2011 | Kingfisher Airlines’ net loss widens in Q1
Kingfisher Airlines Ltd’s net loss in the June quarter (Q1) increased sharply to Rs263.54 crore from Rs187.34 crore a year ago mainly because of high fuel costs and a shift in the market towards low-fare travel.
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• 6 July 2011 | 90% of promoters’ Kingfisher Airlines stake pledged with lenders
The promoters of Kingfisher Airlines Ltd have pledged at least 90% of their stake with financial institutions even as the nation’s second largest carrier by passengers is struggling to pare losses and raise funds.
The promoters of the airline hold a 58.61% stake and have pledged 52.85% of this. The shares have been pledged as part of the debt recast package entered into by Kingfisher Airlines with certain of its lenders
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• 13 June 2011 | Kingfisher may lease more planes, eye PEs for funds
Beleaguered carrier Kingfisher Airlines Ltd is looking at alternative funding routes such as private equity (PE), leasing more planes and consolidating its offices into a single centre at Mumbai airport to reduce rent.
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• 6 June 2011 | Kingfisher to rework $300 mn fund-raising plan
The strapped-for-cash Kingfisher Airlines Ltd will rework its much-delayed plan to sell global depository receipts (GDR) to raise up to $300 million (Rs1,341 crore), but no deadlines have been set for this, chairman Vijay Mallya said on the sidelines of an international airline summit.
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• 27 May 2011 | Vendors threaten to pull AI, Kingfisher credit
State-run Air India Ltd and Vijay Mallya-controlled Kingfisher Airlines Ltd have been asked by fuel vendors and some airports to pay dues or risk losing their credit facility.
Air India will curtail some operations starting this month-end after oil companies told the airline they will only provide fuel against daily payments, and that the amount to be purchased needs to be intimated in advance.
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• 11 May 2011 | Mial asks Kingfisher to pay Rs105.71 crore dues
Mumbai International Airport Ltd (Mial) has asked Kingfisher Airlines Ltd to pay up dues running up to Rs105.71 crore immediately, after the carrier’s cheques to the airport operator bounced.
Mial has said it would withdraw its credit facility to Kingfisher effective 14 May, which would require the airline to pay for the airport’s services on a cash-and-carry basis, said a person familiar with the development, asking not to be identified.
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• 13 April 2011 | Banks now get to co-pilot Kingfisher
The State Bank of India-led consortium of lenders that bailed out cash-strapped Kingfisher Airlines Ltd will get a seat on the carrier’s board and will now be able to influence future management decisions.
The consortium now owns a little less than one-fourth of the airline’s equity following a debt-equity swap on 6 April.
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• 7 April 2011 | ICICI Bank acquires 5.68% in Kingfisher Airlines
Debt-laden Kingfisher Airlines said on Thursday private lender ICICI Bank has acquired 28.26 million shares, or 5.68% stake, in the carrier on the conversion of compulsorily convertible preference shares.
On 31 March the airline had issued 116.3 million shares, or 23.4% equity, to a consortium of 13 banks led by State Bank of India , to restructure part of its debt.
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• 5 April 2011 | Kingfisher cuts debt; to raise funds when crude stable
Kingfisher Airlines has brought down its debt as part of a debt restructuring process and would prefer to wait for crude prices to stabilise before raising fresh funds for expansion, a top group official told Reuters on Tuesday.
“The fact of the matter is markets are a bit volatile. The Middle-East situation has caused an unexpected spurt in crude prices which is not structural in nature, but as long as it is there markets are a little spooked,” said Ravi Nedungadi, chief financial officer of UB Group, which controls Kingfisher.
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• 10 March 2011 | Kingfisher asks suppliers to wait till GDR for dues
Kingfisher Airlines Ltd has asked suppliers and others to whom it owes money, to be patient because the carrier has been unable to raise money even as its stock price has fallen since December.
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• 6 March 2011 | Banks to run checks on health of airlines
Indian lenders are aiming to closely monitor the health of the country’s airlines, some of which are being bailed out by banks with debt recast programmes, to make sure costs don’t go out of control as jet fuel prices surge, owing to instability in West Asia.
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• 21 February 2011 | Kingfisher Airlines delays GDR sale after slump in stock prices
Kingfisher Airlines Ltd won’t start selling global depository receipts (GDR) to raise up to $350 million (Rs1,579 crore) until its stock recovers and market conditions improve, raising concerns at some vendors as their payments are linked to the issue.
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• 19 December 2010 | Kingfisher ’s interest burden to be reduced
Kingfisher Airlines Ltd’s move to restructure debt will help it save crores of rupees and plan the future with more certainty, but India’s second largest airline by passengers carried should guard against adding fresh debt and losing senior executives, analysts said. The Vijay Mallya-owned carrier has accumulated debt of Rs7,000 crore and some of its planes are grounded. It appointed SBI Capital Markets Ltd to restructure part of its debt.
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• 14 December 2010 | Kingfisher seeks to stem staff exit, outlines financial restructuring
To win back employee confidence, Kingfisher Airlines Ltd’s new chief executive Sanjay Aggarwal has promised fresh staff benefits in a letter to employees.
He also outlined the progress of the airline’s financial restructuring and said Kingfisher is looking to raise $250-350 million (Rs1,125-1,575 crore) through global depositary receipts (GDRs) by the end of January.
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• 25 November 2010 | Kingfisher Airlines board OKs debt recast
Kingfisher Airlines India’s second largest carrier by market share, said on Thursday its board has approved a debt recast that seeks to convert some of its debt into equity.
The move will help the company reduce its interest burden and stem losses.
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• 27 June 2010 | Banks seek debt recast for airlines
India’s banking industry led by State Bank of India (SBI), the nation’s largest lender, wants to recast the ballooning debt of domestic airlines, throwing the ailing carriers a lifeline while protecting its own loans from turning sour.
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