Thursday, 6 December 2012

Future and Career for Kingfisher Airlines staff



Back to square one for Kingfisher Airlines staff



After a brief Diwali respite, when liquor baron and Kingfisher Airlines (KFA) Chairman Dr Vijay Mallya announced a stake sale in United Spirits to Diageo to possibly revive the ailing Carrier, there is tension in the air once again.  KFA employees continue to languish without salary 

Payments and revival plan in sight.

KFA employees say they have been betrayed, yet again. KFA had promised three months' salary (March-May) before Diwali but only a handful received their salaries for May. KFA, grounded since October, is yet to submit a revival plan to the regulator.

"We feel cheated and have no one to turn to for help. The airline management had promised a timetable for payment of unpaid salaries, which they have failed to adhere to. We are living off our savings. Neither the government nor the regulator is of any help. We have been left at Mallya's mercy," said a Delhi-based Kingfisher pilot.

A 17-bank consortium that has an exposure of around Rs.8,000 crore in KFA, would wait to hear from Mallya when they meet later this month, before deciding their next move.

Certain Aircraft lessors and bankers have invoked corporate guarantees given by UB Holdings on behalf of KFA.

"The biggest issue by far is employee wages. Without that issue being resolved, employees are less inclined to work to guidelines and therefore, continue to pose risks to operational safety," said Saj Ahmad, a London-based aviation analyst. "The fact that no revival plan has surfaced points to problems," he said.

Analysts don't expect any foreign airline to invest in Kingfisher - which had a debt of more than $1.4 billion as on March 31, 2011, in its current state - with its massive debt burden, crippled fleet and poor employee morale.

Aaviation consultancy firm Centre for Asia Pacific Aviation had said in an October research report that in order to become a prospective investment target, Kingfisher will first require significant recapitalisation of at least $600 million (Rs.3,250 crore) and a restructuring of its debt, and a new management team.

"We are addressing all important issues on priority," KFA said in a reply to an email query from HT but gave no details.

KFA's accumulated losses as on March 2012, were more than 50% of its net worth.










Back to square one for Kingfisher Airlines staff
Hindustan Times
After a brief Diwali respite, when liquor baron and Kingfisher Airlines (KFA) chairman Vijay Mallya announced a stake sale in United Spirits to Diageo to possibly revive the ailing carrier, there is tension in the air once again. KFA employees continue ...
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Hindustan Times
Now, Etihad eyes stake in Kingfisher
Hindu Business Line
Kingfisher Airlines is said to be in talks with the Abu Dhabi-based Etihad Airlines for the foreign airline to acquire a stake in the domestic carrier. Sources indicated that Kingfisher Airlines Chief Executive Officer, Sanjay Aggarwal, and senior ...
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Dec 7: Kingfisher won't tolerate usurper
New Zealand Herald
Kate has spotted a magic bit of graffiti art that has appeared in the local dog park in Three Kings, Auckland. "It's a portrait of the internet meme 'Grumpy Cat' looking not too happy about being around all these dogs," she writes. Grumpy Cat is a ...
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New Zealand Herald
Kingfisher Capital Launches Global Tactical Series with SunTrust Investment ...
PR Newswire (press release)
6, 2012 /PRNewswire/ -- Kingfisher Capital, an independent, money management and advisory firm, is pleased to announce that following a multi-year, national screening process, SunTrust Investment Services, Inc. ("STIS"), the investment advisor and ...
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Kingfisher airlines delays refunds
GreaterKashmir.com
After a number of calls that I made to Kingfisher customer care, I was informed by them to wait for one billing cycle to get reflected in credit card,” he said, adding that: “I will file legal suit against the company for failing to perform its ...
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TOWIE star heads to Kingfisher Centre
Redditch Advertiser
A STAR of television hit 'The Only is Essex', will be making an appearance at the KingfisherShopping Centre on Sunday, December 16. Chloe Sims, who stars in the scripted reality television show, will be at Waterstones bookshop in the shopping centre ...
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S Viswanathan: SBI's own 'Kingfisher man'
Rediff
"Now, you journalists won't disturb me anymore," says S Viswanathan, the new managing director of State Bank of India's associates and subsidiaries, in a lighter vein. Viswanathan has reasons to grow weary of the limelight as during his three-year ...
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