Airline had promised them salaries by Diwali.
Worst quarter in a decade, fund crunch, Fitch downgrade and messy NPAs. . . he has had little to cheer about
A section of pilots of Kingfisher Airlines on Tuesday went on a strike over non-payment of salary and other dues for the past five months, forcing cancellation of five flights.
Deal will help the Diageo to ramp up its presence in the global whiskey market and Vijay Mallya to repay debts of its group company Kingfisher Airlines.
Debt-ridden Kingfisher Airlines reported net loss of Rs 754 crore for the July-September quarter, a sharp increase from Rs 469 crore in the year-ago period.
An analysis of shareholding patterns of three-listed airlines showed that foreign institutional investors have reduced their stakes in Kingfisher and SpiceJet while hiking their holdings in Jet Airways in three months ended December 2011.
Kingfisher Airlines, owned by Indian liquor baron Vijay Mallya, is in talks with two foreign carriers, including International Airlines Group (IAG) -- the owner of British Airways and Iberia -- for a potential rescue package, a report said.
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
Aviation companies, led by flamboyant Vijay Mallya-promoted Kingfisher Airlines, have been witnessing stress and it has also impacted their debt servicing, with some accounts turning non-performing assets.
Government may have ruled out a bailout package for Kingfisher, but is likely to make sure that the carrier does not shut up shop.
Facing severe turbulence, Kingfisher Airlines today started truncated operations in accordance with its new flight schedule, as aviation regulator DGCA examined its operational details to consider whether to take any punitive action against it for flouting norms.
Srei Infra Finance group chief financial officer Sanjeev K Sancheti described the asset as a good buy as it is a fully secured debt.
Civil Aviation Minister Ajit Singh had on Monday ruled out any bailout of the airline.
The company agrees to give interim funding till the airline gets an equity partner
He sold 8.84% stake for Rs 55 crore based on average stock price in September quarter.
Low-cost carriers (LCCs) like Air Asia and Ryan Air are among the best because they are frugal, have flexibility in operations and certain standardisation of aircraft and operations.
Most lenders to the airline have already classified the account as an NPA.
With cash-starved private carrier Kingfisher Airlines defaulting on lease rentals of around Rs 1,000 crore (Rs 10 billion), the lessors have taken back 34 aircraft, sources said even as the company maintained that it has returned the aircraft voluntarily.
Airline says it is in comfortable situation.
Finnair flies six-days a week (except for Tuesday) from New Delhi to Helsinki.
With no end in sight to the 16-day impasse over a lockout and strike by its workers, Kingfisher Airlines management has called a meeting with their representatives on Wednesday in a last-ditch effort to convince them to return to work.
The Directorate General of Civil Aviation (DGCA) has recommended giving financial autonomy to Air India Charters Ltd (AICL), the company which runs Air India Express, the low-cost brand of Air India operating in the international sector.
Ealier at a press conference, the Oneworld also announced the joining of Srilankan Airlines in its fold.
Kingfisher Airlines Ltd's problems are set to worsen. Delhi International Airport Ltd (DIAL) has filed a cheque bouncing case against the cash-strapped airline and its top management after three cheques, with a total value of Rs 3 crore, bounced.
Shares of Kingfisher Airlines fell for the seventh day in a row today plunging by nearly 5 per cent to hit the lower circuit limit on bourses.
First it was Citibank which ended its exclusive tie-up with Jet Airways, after 12 years. Now it is the turn of American Express to go airline-agnostic -- despite having a co-branded card with troubled carrier Kingfisher Airlines.
Kingfisher Airlines soared 5.76 per cent to Rs 13.20, while Spicejet scrip gained 4 per cent to Rs 38.30 on the BSE. Jet Airways rose by 2.44 per cent.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
A section of Kingfisher pilots have reported sick in protest against non-payment of salaries.
The Vijay Mallya-owned carrier would become the first airline from the subcontinent to join any of the global airline groups, the two others being 'Star Alliance' and 'SkyTeam', spokespersons of the airline and the alliance said.
Claiming that their salaries had still not been cleared, a section of Kingfisher Airlines staff including engineers and pilots is mulling the option of moving the Labour Court to expedite settlement of their dues.
While guarantees given by Mallya fell from Rs 6,156 crore (Rs 61.56 billion) in the previous year 2010-11, the guarantees provided by Kingfisher's holding and associate companies rose from Rs 8,863 crore (Rs 88.63 billion) to Rs 8,926 crore (Rs 89.26 billion) in this period.
Though the UB Group chairman didn't name anybody, some of these associates could be the owners of Balaji Distilleries, whose breweries and distilleries were acquired by UB Group companies -- United Spirits and United Breweries -- during the last financial year.
Last Tuesday, chairman of the crisis-hit airline Vijay Mallya assured his employees that their salaries would be disbursed in a staggered manner from April 4 to 10.
Seeking permission for direct import of jet fuel, Kingfisher Airlines has informed the government that steps are being taken to improve cash flow of the debt-ridden carrier by procuring ATF through suppliers' credit on lower interest rates.
At least five Kingfisher Airlines flights out of Mumbai and Delhi were cancelled on Monday as a section of staff did not report for duty to demand immediate payment of salary and allowance backlog.
"Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise," Finance Minister Jaitley said in a Facebook post.
Kingfisher Airlines is exploring hiving off its engineering department into a separate maintenance, repair and overhaul (MRO) unit. This is one of several measures being considered by the airline management to tide over its current financial crisis.
Bankers are working on a formula that would aim to keep the re-payment period and the net present value of the asset specified during the first restructuring intact, by increasing the interest rate.
Faced with a cash crunch resulting in several employees not getting salaries and dues for over three months, the airline also did not rule out a lay off.
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