Facing obstacles in exporting planes leased to Kingfisher: ILFC

US firm says it is facing bureaucratic and regulatory obstacles in exporting the aircraft that were leased to the airline

PTI
Published20 Aug 2013, 09:11 PM IST
Kingfisher Airlines, which ceased operations late last year, had six leased aircrafts from ILFC at that time. Later, the US firm got all of them de-registered and exported three aircrafts. Photo: Mint<br />
Kingfisher Airlines, which ceased operations late last year, had six leased aircrafts from ILFC at that time. Later, the US firm got all of them de-registered and exported three aircrafts. Photo: Mint(Mint)

New Delhi: International Lease Finance Corp. (ILFC) has said it is facing “bureaucratic and regulatory obstacles” in exporting the remaining three aircraft that were leased to now grounded Kingfisher Airlines.

add_main_imageUS-headquartered ILFC is a leading player in the leasing and re-marketing of aircraft to commercial airlines. Vijay Mallya-led Kingfisher Airlines, which ceased operations late last year, had six leased aircrafts from ILFC at that time. Later, the American firm got all of them de-registered and exported three aircrafts.

However, it is facing hurdles in taking the remaining three out of India. “... we are experiencing difficulties in exporting the remaining three aircraft as a result of bureaucratic and regulatory obstacles. The aircraft remaining in India have been removed from Kingfisher Airlines’ possession,” the firm said in a recent filing to the US market regulator SEC.NextMAds

Kingfisher posted a net loss of 1,157 crore in the three months ended 30 June 2013 while its accumulated losses touched 16,023 crore at the end of March this year. Its net worth as on 31 March 2013 stood at minus 1,292 crore, while lenders recalled loans totalling 6,203 crore in April this year. Meanwhile, the global aviation industry is facing tough times, amid economic as well as political uncertainties in different parts of the world.

“Recent challenges in the global economy, including uncertainties related to the euro zone, political uncertainty in the Middle East, and sustained higher fuel prices, have negatively impacted many airlines’ profitability, cash flows and liquidity,” ILFC said in the filing.

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First Published:20 Aug 2013, 09:11 PM IST
HomeCompaniesNewsFacing obstacles in exporting planes leased to Kingfisher: ILFC

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