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Showing posts from March, 2013

Former Billionaire Dr Vijay Mallaya Commits To Paying Kingfisher Workers

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Mallya assures staff of Kingfisher revival; bankers sceptical
Livemint
In mid-February, lenders to Kingfisher Airlines had said they had decided to recall all loans to the airline, kicking off debt recovery process. The airline owes banks Rs.7,000 crore. Though Mallya has made several promises to revive the airline in the ...
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LivemintMallya to give Kingfisher Airline's revival plan next week
Moneycontrol.com
Kingfisher Airlines' chairman Vijay Mallya has committed to pay pending salaries to employees soon. In a meeting held last night, he told engineers and pilots that he has already informed the finance ministry about it, say exclusive sources. Source ...
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Moneycontrol.comBuy Kingfisher Air, ABG Shipyard, Berger Paints: Tulsian
Moneycontrol.com
Buy Kingfisher Airlines with a day target of Rs 9.10 and stop loss of Rs 8.50. The United Breweries Group is likely to submit the revival plan very soon to Directorate General of Civ…

Govt to ship Kingfisher planes to international leasing companies to prevent boycott of Indian Airlines

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In a damage-control exercise to prevent India's image from being dented in the global market, the civil aviation ministry may issue a guidance to release all Kingfisher Airlines Aircraft parked at Indian airports to international leasing companies.

The move comes in the wake of growing disquiet among major leasing companies over India's refusal to hand over the aircraft and fears that much-needed aircraft finance would be stopped to Indian airline companies.




International Lease Finance Corp (AIG.N) urged India  to release six passenger Jets from Kingfisher Airlines  Ltd 

The head of Aircraft finance giant International Lease Finance Corp (AIG.N) urged India on Wednesday to release six passenger jets held "hostage" by a bureaucratic dispute after struggling Kingfisher Airlines  (KING.NS)  failed to pay for them.

ILFC had warned in January that a failure to return leased airplanes to their true owners when airlines cannot pay their bills could put the country's avi…

Kingfisher Airlines’ lenders to monetise Loan collateral

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Lenders have started the process of monetising collateral to recover part of their loans from Kingfisher Airlines.

The consortium of lenders, led by State Bank of India (SBI), had said last month that they were hopeful of recovering at least Rs 1,000 crore in the current quarter from collateral which includes shares of United Spirits Ltd (USL) and Mangalore Chemicals and Fertilizers, both part of the UB Group.

"I am not very hopeful that anything will happen this financial year as it is already mid-March. We are in the process of receiving the call-up authorisation from the other banks," an SBI official said. "It is a complicated account and there are several things that need to be taken care of. This is not a single one-to-one loan."

A top official from Bank of India, which is part of the core group of lenders, said that they initiated the process a week back but have not sold any assets till date. However, the lenders said the process is taking more time than ex…

International Lease Finance Corp (AIG.N) urged India to release six passenger Jets from Kingfisher AirlinesLtd

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The head of Aircraft finance giant International Lease Finance Corp (AIG.N) urged India on Wednesday to release six passenger jets held "hostage" by a bureaucratic dispute after struggling Kingfisher Airlines(KING.NS) failed to pay for them.

ILFC had warned in January that a failure to return leased airplanes to their true owners when airlines cannot pay their bills could put the country's aviation growth at risk by scaring off funding.

According to Los Angeles-based ILFC, the Delhi High Court ruled last month that ILFC could have access to its aircraft to ensure they can be refurbished and maintained.











But ILFC Chief Executive Henri Courpron told Reuters that the situation on the ground remained unresolved.

"We have made legal and political progress but people are not following instructions from the government," Courpron said in a telephone interview. "We have to stop this hostage situation."

He did not say which Indian authorities or people he held respon…