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Kingfisher Airlines NEWS -- Part 7
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himmat01
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PostPosted: Wed May 29, 2013 10:43 am    Post subject: Reply with quote

^^^ As long as the 'tamasha' continues, this thread continues. Very Happy
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747-237
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PostPosted: Fri May 31, 2013 3:54 pm    Post subject: Reply with quote

Incase anyone cares anymore ......


Kingfisher Airlines posts $380 million loss

http://timesofindia.indiatimes.com/business/india-business/Kingfisher-Airlines-posts-380-million-loss/articleshow/20361627.cms
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iah87
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PostPosted: Sun Jun 02, 2013 9:02 pm    Post subject: Reply with quote

More senior executive resignations.

I am really confused here. Are there still pilots "working" for Kingfisher and expecting the airlines to be revived again. I thought by now everyone had quit. And the pilots are talking about strike, what is the point now.

http://www.samachar.com/3-senior-Kingfisher-executives-quit-ngctM2ehebc.html
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Spiderguy252
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PostPosted: Mon Jun 03, 2013 4:50 pm    Post subject: Reply with quote

iah87 wrote:
More senior executive resignations.

I am really confused here. Are there still pilots "working" for Kingfisher and expecting the airlines to be revived again. I thought by now everyone had quit. And the pilots are talking about strike, what is the point now.

http://www.samachar.com/3-senior-Kingfisher-executives-quit-ngctM2ehebc.html


They likely haven't found another job yet, and are merely milking what's left of the sinking Titanic beneath them, for the moment.
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747-237
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PostPosted: Mon Jun 03, 2013 6:22 pm    Post subject: Reply with quote

http://www.moneycontrol.com/news/business/kingfisher-not-partoneworld-alliance-tom-horton_888611.html

Kingfisher not part of 'oneworld' alliance: Tom Horton

Jun 03, 2013

Following its suspension by the International Air Transport Association (IATA) for failure to clear dues last year, Kingfisher Airlines agreed with the global alliance to defer joining 'oneworld'. It was slated to formally join the alliance last February.

"Kingfisher is not operational. Therefore, it is not an active participant of 'oneworld' any more," Tom Horton, Chairman of 'oneworld' and American Airways' chief, told PTI on the sidelines of IATA's annual general meeting here.
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PostPosted: Mon Jun 03, 2013 7:00 pm    Post subject: Reply with quote

Kingfisher Airlines and partners file suit against banking consortium
News
3-Jun-2013 12:54 PM
Kingfisher Airlines announced Kingfisher Finvest (India) Limited, United Breweries Holdings (UB) and Dr Vijay Mallya have filed suit in the Bombay High Court against the consortium of 17 public sector banks that comprise the company’s primary lenders, seeking the following reliefs:
• A declaration that the guarantees given by UB and Dr Mallaya and the 2010 pledge agreement are void;
• Permanent injunction against the banking consortium preventing them from taking further action on the 2010 pledge agreements;
• Permanent injunction against the banking consortium preventing them from taking further action on their Mar-2013 impugned notices;
• The banking consortium be directed to restore the statue quo ante for all impugned notices;
• Order that the transfer of certain equity shares in United Spirits Limited and Mangalore Chemicals and Fertilisers Limited to the State Bank of India are illegal and void;
• Damages of INR32 billion (USD565.6 million) be awarded to the plantiffs.
Kingfisher Airlines stated the banking consortium recalled their entire debts in Apr-2013. The carrier’s unamortised borrowing costs as of 31-Mar-2013 were INR30.2 billion (USD534.1 million).
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Nimish
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PostPosted: Mon Jun 03, 2013 7:46 pm    Post subject: Reply with quote

^^ Good move by IT legal team, given the Indian banks seem to be in no rush to enforce/ seize all the guarantees, might as well throw a legal spanner in the works Evil or Very Mad
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aeroblogger
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PostPosted: Tue Jun 04, 2013 8:07 am    Post subject: Reply with quote

Is filing a lawsuit against the government really going to accomplish anything? Seems like they're just wasting the limited resources they have left.
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iah87
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PostPosted: Wed Jun 05, 2013 6:49 pm    Post subject: Reply with quote

On the contrary they want to prevent this - as the money belongs to UB group. The rest is just for the show and they know they have little or no hope of winning.

Order that the transfer of certain equity shares in United Spirits Limited and Mangalore Chemicals and Fertilisers Limited to the State Bank of India are illegal and void;
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747-237
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PostPosted: Fri Jun 07, 2013 1:05 am    Post subject: Reply with quote

Kingfisher employees launch hunger strike

"As many as 60-70 employees are currently on an indefinite hunger strike at the Kingfisher House near the domestic airport,"


http://www.deccanchronicle.com/130607/news-businesstech/article/kingfisher-employees-launch-hunger-strike
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himmat01
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PostPosted: Fri Jun 07, 2013 10:06 am    Post subject: Reply with quote

747-237 wrote:
Kingfisher employees launch hunger strike

"As many as 60-70 employees are currently on an indefinite hunger strike at the Kingfisher House near the domestic airport,"


http://www.deccanchronicle.com/130607/news-businesstech/article/kingfisher-employees-launch-hunger-strike


Is VJM even bothered?
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Saharsh
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PostPosted: Fri Jun 07, 2013 2:10 pm    Post subject: Reply with quote

Vijay Mallya Sad Evil or Very Mad HE has ALOT of money but still not paying his employees (or maybe ex-employees) I feel so bad for them Shocked
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747-237
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PostPosted: Fri Jun 07, 2013 6:17 pm    Post subject: Reply with quote

"I don't have the money to pay your salary dues, because I cannot use the proceeds from the United Spirits-Diageo deal for this due to an injunction from the Karnataka High Court," Mallya reportedly told the striking employees.

http://www.dnaindia.com/money/1845058/report-vijay-mallya-tells-striking-kingfisher-airlines-staff-he-has-no-money-to-pay-them
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Saharsh
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PostPosted: Fri Jun 07, 2013 7:40 pm    Post subject: Reply with quote

Why is India filled with such idiots!!? Neutral
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luvleen
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PostPosted: Sat Jun 08, 2013 1:56 am    Post subject: Reply with quote

Kingfisher Airlines' employees call off strike; no word on salaries from management

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-employees-call-off-strike-no-word-on-salaries-from-management/articleshow/20481653.cms
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PostPosted: Sat Jun 08, 2013 2:58 am    Post subject: Reply with quote

Why is this still in the news?
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747-237
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PostPosted: Thu Jul 18, 2013 4:00 pm    Post subject: Reply with quote

Three former Kingfisher A320s are to come closer to their former home once again, in service with Shaheen Air.
These are the former VT-DNZ (formerly with Air Deccan and Simplifly Deccan), VT-KFT and VT-KFX.
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PostPosted: Mon Aug 12, 2013 7:09 am    Post subject: Reply with quote

http://www.business-standard.com/article/companies/lenders-take-possession-of-kfa-s-mumbai-headquarters-113081100540_1.html

Lenders take possession of KFA's Mumbai headquarters

August 12, 2013

Lenders to Kingfisher Airlines have taken possession of Kingfisher House, the airline’s headquarters near Mumbai airport, after the guarantors — chairman Vijay Mallya and United Breweries (Holdings) Ltd — failed to pay the dues.
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Nimish
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PostPosted: Mon Aug 12, 2013 11:27 am    Post subject: Reply with quote

747-237 wrote:
[i]Lenders take possession of KFA's Mumbai headquarters


Wonder if this is for real or just for show? I hope they continue to quickly take over the rest of the KFA assets/ pledges etc. and recover some of the money they've sunk into the big red hole.
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PostPosted: Mon Aug 12, 2013 12:51 pm    Post subject: Reply with quote

I hope the KF employees's entire salary dues are paid. Otherwise they should put more pressure on VJM. Mad
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PostPosted: Mon Aug 12, 2013 9:42 pm    Post subject: Reply with quote

Now that there's some effort to recover the Kingfisher money, here's something to cheer you up. Very Happy

http://www.fakingnews.firstpost.com/2013/08/lenders-take-possession-of-siddharth-mallya-only-to-return-him-later/?utm_source=hp-firstpost

Lenders take possession of Siddharth Mallya only to return him later



Close on the heels of the forceful repossession of Kingfisher Airlines’ corporate office in Mumbai by its lenders, in another setback for Kingfisher Airlines chairman Vijay Mallya, lenders have gone ahead and taken over custody of his son Siddharth Mallya. He was lifted directly from his play school in broad daylight.

Though no official statement has been issued, it is widely suspected that this move is also a part of the lenders’ moves to recover Rs 6,072 crore along with interest.

“Yes we have taken over his possession and have asked Mallya Sr to pay the money he owes to us in his return. We also have plans to auction him incase Mallya Sr fails to do that. But to our absolute shock Vijay Mallya is rather delighted on hearing the news and has refused to pay any amount that we owed to him,” said a bank official who is among the lenders to Kingfisher Airlines.

Faking News can confirm that Senior Mallya is ecstatic with the news. He went ahead and tweeted “They can take Saurabh Tiwary and Mohammad Kaif also if that helps.”

“It’s been only seconds since we abducted him and he has been throwing tantrums as if he has kidnapped us,” one of the lenders complained about junior Mallya, “We served him chilled Kingfisher beer, but he refused, insisting on some Scottish brand.”

“Now his antics are becoming so unbearable for us to handle that we may even forego all the money that Vijay owes to us,” said one of the frustrated lenders, reminding us of frustrated customers put on hold by customer care executives.

“And when we finally got to know that his new girlfriend is some Sophie Chaudhry we were convinced that Mallyas are actually broke and can’t pay up,” added the lender.

However Mallya Sr could be in for some more trouble as the irritated lenders have decided to return Siddharth in original condition. The lenders apparently failed to attract any bidder for him.
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Nimish
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PostPosted: Mon Aug 12, 2013 9:54 pm    Post subject: Reply with quote

^^^ Hilarious Smile.
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TKMCE
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PostPosted: Tue Aug 13, 2013 12:57 pm    Post subject: Reply with quote

G-BYGB wrote:
I hope the KF employees's entire salary dues are paid. Otherwise they should put more pressure on VJM. Mad


I feel this will most likely remain a dream for ever and this is where there is a difference between India and many other countries in North America/Europe / Australia and NZ.

Australian airline Ansett went into liquidation, but delayed as it may have been , in the end virtually every Ansett employee got all their dues due to much better employee protection rights.

In India, the KF House auction proceeds will go most likely to the banks towards their outstanding debts and , not to pay oiff the employees salary arrears.
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PostPosted: Tue Aug 13, 2013 3:35 pm    Post subject: Reply with quote

TKMCE wrote:
G-BYGB wrote:
I hope the KF employees's entire salary dues are paid. Otherwise they should put more pressure on VJM. Mad


I feel this will most likely remain a dream for ever and this is where there is a difference between India and many other countries in North America/Europe / Australia and NZ.

Australian airline Ansett went into liquidation, but delayed as it may have been , in the end virtually every Ansett employee got all their dues due to much better employee protection rights.

In India, the KF House auction proceeds will go most likely to the banks towards their outstanding debts and , not to pay oiff the employees salary arrears.


Staff from the ex Eastwest,SkylineNEPC will remember salaries were never paid when they folded up.....
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TKMCE
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PostPosted: Tue Aug 13, 2013 4:32 pm    Post subject: Reply with quote

Yes and these were in the mid 1990s- KF folded up after more than 15 years after East West, Skyline, NEPC etc And what has our government and aviation regulator done to protect the interest of employees....NOTHING!!!!
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PostPosted: Tue Aug 13, 2013 10:01 pm    Post subject: Reply with quote

The irony here is that VJM had the money to pay back all the salary dues to all KF employees. But he was not honest and had other priorities.
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PostPosted: Wed Aug 14, 2013 2:06 pm    Post subject: Reply with quote

And in other news, its pretty clear he doesn't care about the (ex)employees at KF (IT, yeah.)

From the link:
Autosport wrote:
Team principal Vijay Mallya believes Force India's performance level could increase dramatically if it has improved facilities such as a new 60 per cent scale windtunnel.


Regards
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PostPosted: Mon Aug 19, 2013 4:23 pm    Post subject: Reply with quote

http://www.moneycontrol.com/news/business/ilfc-sends-2nd-warning-to-india-to-return-kfa-aircraft_937740.html

ILFC sends 2nd warning to India to return KFA aircraft

Aug 19, 2013

US-based aircraft lessor International Lease Finance Corp (ILFC) has sent second warning to India seeking return of six planes it had leased to Kingfisher Airlines.

Earlier, ILFC had warned that India’s failure to return leased planes to their owners when the airline cannot pay dues could put the country’s aviation growth at risk.

Meanwhile. these six aircraft are sitting idle at various airports after they were impounded by service tax department when the airline could not pay pending dues.

For the purpose, the Airports Authority of India (AAI) can release the deregistered leased aircraft of the grounded Kingfisher Airlines for the lessors to fly them back only after required permission from the Ministry of Civil Aviation (MoCA).

The Federation of Indian Airlines (FIA) is expected to send its opinion on the issue this week.

However, India, being a signatory to Cape Town convention, has to comply with the treaty which states, in case of a default, lessors will have the first right to claim back the plane.

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PostPosted: Wed Aug 21, 2013 3:46 am    Post subject: Reply with quote

http://www.deccanherald.com/content/352298/ilfc-admits-facing-problems-exporting.html

ILFC admits to facing problems in exporting Kingfisher aircraft

August 21, 2013

International Lease Finance Corp (ILFC) has admitted that it is facing problems in disposing off the remaining four aircraft which it had leased out to debt-ridden Kingfisher Airlines which had ceased operations last year.

The leasing firm had leased six aircraft to Vijay Mallya’s airline at the time of the latter closing operations.

“We have been successful in deregistering all six aircraft and exporting two of the aircraft out of India,” US-based ILFC said in a filing to the US Securities Exchange Commission, noting that “bureaucratic and regulatory hurdles” have been posing difficulties in exporting the remaining four aircraft which have been removed from Kingfisher’s possession.

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Manny
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PostPosted: Thu Aug 22, 2013 11:27 pm    Post subject: Reply with quote

Who the hell is ILFC to warn India.

They can whine all they want but by all standards India has done nothing wrong in this matter and there is not much ILFC can do.
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PostPosted: Fri Aug 23, 2013 12:19 am    Post subject: Reply with quote

Manny wrote:
Who the hell is ILFC to warn India.

They can whine all they want but by all standards India has done nothing wrong in this matter and there is not much ILFC can do.


Get real and cut the hubris! It looks bad everywhere and particularly worse in the Indian aviation scene!

ILFC, and everyone else who worked with Kingfisher, have lost millions and burned their fingers badly. They have every right to sue for damages, let alone warn. Asking them them to keep their mouths shut and take it in the backside reeks of thuggery, not professionalism.

If you ran a business and someone who owed you millions simply closed shop and put his arms up whenever you demand that he pay up, you would forgive everything with a smile , I suppose!

and at the end of the day, Kingfisher is an Indian entity, particularly one that has received a lot of (unfair) support from the elected government of the country. Any screw up on their part will tarnish the image of the entire country. Already there is talk of aircraft lessors demanding more insurance premiums from Indian companies for aircraft leases , thanks to the Kingfisher affair!
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PostPosted: Fri Aug 23, 2013 6:26 pm    Post subject: Reply with quote

The_Goat wrote:
Manny wrote:
Who the hell is ILFC to warn India.

They can whine all they want but by all standards India has done nothing wrong in this matter and there is not much ILFC can do.


Get real and cut the hubris! It looks bad everywhere and particularly worse in the Indian aviation scene!

ILFC, and everyone else who worked with Kingfisher, have lost millions and burned their fingers badly. They have every right to sue for damages, let alone warn. Asking them them to keep their mouths shut and take it in the backside reeks of thuggery, not professionalism.

If you ran a business and someone who owed you millions simply closed shop and put his arms up whenever you demand that he pay up, you would forgive everything with a smile , I suppose!

and at the end of the day, Kingfisher is an Indian entity, particularly one that has received a lot of (unfair) support from the elected government of the country. Any screw up on their part will tarnish the image of the entire country. Already there is talk of aircraft lessors demanding more insurance premiums from Indian companies for aircraft leases , thanks to the Kingfisher affair!



Well said and EVRY WORD is true. No aircraft lessor wants to give aircraft anymore to unknown Indian start ups at any price now thanks to Kingfisher. It is not merely aircraft not being returned, but literally cannibalising the aircraft of its parts that it is next to impossible to get them flying again.
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PostPosted: Sat Aug 24, 2013 4:49 am    Post subject: Reply with quote

The_Goat wrote:
Manny wrote:
Who the hell is ILFC to warn India.

They can whine all they want but by all standards India has done nothing wrong in this matter and there is not much ILFC can do.


Get real and cut the hubris! It looks bad everywhere and particularly worse in the Indian aviation scene!

ILFC, and everyone else who worked with Kingfisher, have lost millions and burned their fingers badly. They have every right to sue for damages, let alone warn. Asking them them to keep their mouths shut and take it in the backside reeks of thuggery, not professionalism.

If you ran a business and someone who owed you millions simply closed shop and put his arms up whenever you demand that he pay up, you would forgive everything with a smile , I suppose!


Ahh...The great apologetic Indian stance.

In business not every deal is profitable and business entities do lose money when deals do not work out. And that should be so true for the business ILFC is in. I am sure its not the first time a deal has not gone according to plan for them. Heck this ILFC was a unit of AIG. They should know a thing or two about thuggery and scamming people!

If they are that smart what were they doing leasing aircraft to an airline whose balance sheet was shaky to start with. Heck one thing Kingfisher had over the likes of AIG is atleast it was clear how bad the finances of his airline were right from the start were not hidden under layers of opaqueness which amounted to criminality in misleading the world. Kingfisher's collapse was not a surprise and was years in the making unlike AIG's which came as a surprise to the world and they had to be bailed out. So why was ILFC lending out A/C to Kingfisher in the first place. It was a poor business decision and in business when you make poor decisions sometimes you have to take it in the backside.

I have no problem if they sue for their assets. But blaming bureaucracy and regulatory authorities is pure posturing and a pressure move which probably is being done to avoid past due fees and such. In most of the western world when you acquire or repossess an asset back you are on the line for paying all the back dues and taxes for that asset. So what they expect is being treated above the law. The Indian authorities should do not fall for such pressure moves. If they are line to recover their dues they should do so before they release the aircraft.
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PostPosted: Sat Aug 24, 2013 1:56 pm    Post subject: Reply with quote

Manny wrote:


Ahh...The great apologetic Indian stance.

In business not every deal is profitable and business entities do lose money when deals do not work out. And that should be so true for the business ILFC is in. I am sure its not the first time a deal has not gone according to plan for them. Heck this ILFC was a unit of AIG. They should know a thing or two about thuggery and scamming people!

If they are that smart what were they doing leasing aircraft to an airline whose balance sheet was shaky to start with. Heck one thing Kingfisher had over the likes of AIG is atleast it was clear how bad the finances of his airline were right from the start were not hidden under layers of opaqueness which amounted to criminality in misleading the world. Kingfisher's collapse was not a surprise and was years in the making unlike AIG's which came as a surprise to the world and they had to be bailed out. So why was ILFC lending out A/C to Kingfisher in the first place. It was a poor business decision and in business when you make poor decisions sometimes you have to take it in the backside.

I have no problem if they sue for their assets. But blaming bureaucracy and regulatory authorities is pure posturing and a pressure move which probably is being done to avoid past due fees and such. In most of the western world when you acquire or repossess an asset back you are on the line for paying all the back dues and taxes for that asset. So what they expect is being treated above the law. The Indian authorities should do not fall for such pressure moves. If they are line to recover their dues they should do so before they release the aircraft.



Your rant is big on hype but low on facts. If you had bothered to check publicly available information , you would have found that all of ILFC a/c were leased before 2008, some of them were ex Deccan a/c which came to KF after the merger. At that time KF was not in bad shape, infact were backed by the who is who of of banking in India and had a good credit rating.

And as soon as lessors became aware of defauts and shaky finacials they inititated steps to recall aircraft but KF management always had their way. if they could get away with what they did to their own employees employed under Indian law, then you can imagine how easy or dififcult it is for the lessors to get their own way as you seem to suggest.


So please refrain from commenting on things which you appear to have little or marginal knowelge about!!!!!
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PostPosted: Sat Aug 24, 2013 4:31 pm    Post subject: Reply with quote

TKMCE wrote:


Your rant is big on hype but low on facts. If you had bothered to check publicly available information , you would have found that all of ILFC a/c were leased before 2008, some of them were ex Deccan a/c which came to KF after the merger. At that time KF was not in bad shape, infact were backed by the who is who of of banking in India and had a good credit rating.

And as soon as lessors became aware of defauts and shaky finacials they inititated steps to recall aircraft but KF management always had their way. if they could get away with what they did to their own employees employed under Indian law, then you can imagine how easy or dififcult it is for the lessors to get their own way as you seem to suggest.


So please refrain from commenting on things which you appear to have little or marginal knowelge about!!!!!


Well said!

Besides, all the knowledge of shaky financials did not stop Indian public banks from lending thousands of crores to Kingfisher. To anyone, this looks like a massive act of faith in the promoters, and anyone would be willing to give the benefit of doubt to such a company.

Now it may well be that the banks were forced to lend money by the government , thanks to Mallya's clout. This makes the Government all the more culpable as it has no right to allow or force the loaning of taxpayers money held in public banks to an entity that may not be able to repay it.
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aeroblogger
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PostPosted: Sat Aug 24, 2013 11:58 pm    Post subject: Reply with quote

The signs could be read a few years before IT actually crashed - they were having trouble paying fuel bills for a long time.

The lessors and bankers who had foresight got out of the way expeditiously - the ones remaining hopefully learned to watch more carefully next time.

Entrusting assets to airlines which have viable business plans and maintain appropriate levels of capitalization is good business practice - not trusting hype over branding and the charisma of a party-throwing multi-millionaire before engaging in this bs posturing.
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d3vski
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PostPosted: Sun Aug 25, 2013 2:28 am    Post subject: Reply with quote

I was a big fan of Kingfisher and my wife was crew, she joined 7 years ago and left before the fun and games begun and even me as an enthusiast with no detailed inside knowledge figured out years ago that they were up the creek without a paddle.

In all reality, the alarm bells should have become deafening when Kingfisher bought Air Deccan and that was in 2008.

It is a shame that they are gone as I did like the product, bling an all!!!
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iah87
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PostPosted: Mon Aug 26, 2013 8:04 pm    Post subject: Reply with quote

TKMCE wrote:

Well said and EVRY WORD is true. No aircraft lessor wants to give aircraft anymore to unknown Indian start ups at any price now thanks to Kingfisher. It is not merely aircraft not being returned, but literally cannibalising the aircraft of its parts that it is next to impossible to get them flying again.


It is probably a blessing in disguise. India cannot handle any more airlines till the existing five become profitable and/or sustain profitability. Still Air Asia India has somehow managed to acquire/lease aircraft, may be the Tata name still has magic. And Air Costa has managed to get 2 aircraft on lease.
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TKMCE
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PostPosted: Mon Aug 26, 2013 10:09 pm    Post subject: Reply with quote

I mentioned "unknown" start ups. Air Asia does not come into that category. As for Air Costa they did not get the aircraft type they originally wanted.
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Manny
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PostPosted: Tue Aug 27, 2013 2:34 am    Post subject: Reply with quote

aeroblogger wrote:
The signs could be read a few years before IT actually crashed - they were having trouble paying fuel bills for a long time.

The lessors and bankers who had foresight got out of the way expeditiously - the ones remaining hopefully learned to watch more carefully next time.

Entrusting assets to airlines which have viable business plans and maintain appropriate levels of capitalization is good business practice - not trusting hype over branding and the charisma of a party-throwing multi-millionaire before engaging in this bs posturing.


Well said.

At the end of the day lessors like ILFC made bad decisions and they should pay for it. But their stance is one of bullying, posturing and pressuring their way out of this situation. That's what i take offense to. If you made bad decisions you pay for it.

The Indian Govt agencies are correct in their stance of expecting past dues being settled before they release these aircraft.
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