Kingfisher Airlines' debt restructuring package has received an in-principle nod from bankers. The package will be implemented within 120 days of receiving the Reserve Bank of India's (RBI) nod. Kingfisher, the second largest carrier in terms of market share, has debt of around Rs 6,000 crore across 12 lenders such as the State Bank of India, Bank of India and Vijaya Bank, among others.
Civil Aviation Minister Ajit Singh also expressed doubts whether the carrier, facing a partial lockout, will be able to fly from Friday.
The move comes when Kingfisher remains the only listed airline in India to have made losses in the third quarter of the current financial year.
Analysts say piecemeal bailouts won't work, serious cash infusion is needed.
Kingfisher Airlines's has hit a rough patch again with three of its directors resigning for better prospects.
The company's board approved the airline's plan to raise the amount through issuance of equity shares or preference shares or through global depository receipts.
Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank.
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
Spelling fresh trouble for Kingfisher Airlines, aviation regulator DGCA is likely to issue a show-cause notice asking why its flying license should not be suspended or cancelled.
The agency is also investigating the overall financial structure of Kingfisher Airlines.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
The HC posed the question to the 70-year-old liquor baron, wanted in India to face trial on fraud and money laundering charges, on his return home while hearing his twin pleas.
Kingfisher Airlines Ltd, which has been grounded for almost a year for want of cash, is in talks with a foreign investor for a potential stake sale, Chairman Vijay Mallya said on Tuesday, without naming any investor.
The company's meeting with the striking employees failed to resolve the deadlock over unpaid salaries.
The company had dent of about Rs 14,070 crore.
Public sector banks were allotted 11,63,30,639 shares in the company on conversion on March 31, 2011.
IDBI Trusteeship Services, in its capacity as the lenders' trustee to Kingfisher Airlines, has invoked a little over 4.93 mn shares worth Rs 1,300 crore.
The airline which has not flown for more than a year, had reported a loss of Rs 755.17 crore (Rs 7.55 billion) a year earlier, Kingfisher said in a filing to the BSE.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Kingfisher has faced lawsuits from GMR and GVK-group run airports and also faced cases of cheque bouncing.
At the EBIDTA level domestic operations showed an operating loss of Rs 178 crore.
As per RBI guidelines, a wilful defaulter tag would be given if it is found that a loan taken is diverted for some other use rather than for which it was availed.
Captain Sanjay Sudan had filed the suit against Kingfisher Airlines seeking recovery of around Rs 13 lakh (Rs 1.3 million), his outstanding salary for three months from the airline.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
An open letter written by women employees of KFA alleged that the company did not pay salaries
Turning down a request for Rs 200 crore (Rs 2 billion) working loan by Kingfisher, the SBI-led lenders consortium on Thursday asked SBI Capitals to chalk out a fresh revival plan for the cash-strapped airline in the next 2-3 weeks.
SBI-led consortium of 17 banks had a total exposure of about Rs 6,500 cr to Kingfisher Airlines.
DIAL has filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
KFA plans to raise $250 million (about Rs 1,100 crore) through GDRs and Rs 500 crore (Rs 5 billion) through a domestic issue in the next couple of months.
Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.
Kingfisher Airlines said it has entered into a code sharing and frequent flyer agreement with American Airlines, which will be effective from 2011. "The code share on Americans flight to Chicago will mark the first time ever that Kingfisher Airlines will place its code on any flight operating into the United States," executive vice president-commercial, Kingfisher Airlines Manoj Chacko said.
New Delhi District Consumer Disputes Redressal Forum, presided by C K Chaturvedi, asked the company to pay Rs 45,792 to Delhi-based family comprising Sandeep Sharma, Navdeep Sharma, Monika Sharma and Poonam Sharma.
Liquor baron Vijay Mallya-promoted Kingfisher Airlines has become the first private airline in the country to get Category III certification from the Directorate General of Civil Aviation.
The State Bank of India on Friday said Kingfisher lenders have decided to release funds to the debt-ridden airline on "humanitarian grounds" considering that its employees have not been paid for the past seven months.
Kingfisher Airlines on Thursday said it has signed a comprehensive frequent flier agreement with American Airlines.
The Instagram video has drawn significant attention due to the controversial backgrounds of both Lalit Modi and Vijay Mallya.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances