Sunday, 21 April 2013

Kingfisher Airlines Ltd must clear debts before it is allowed to Fly again


It is unlikely that Kingfisher Airlines will be able to restart operations any time soon. This is because the Airports Authority of India (AAI), the Government’s Service Tax Department and a consortium of banks are insisting that their dues be cleared before the airline is given permission to take to the skies again.

Kingfisher owes Rs 400 crore to AAI and over Rs 7,500 crore to a consortium of 17 banks.

Airline’s Chief Executive Officer Sanjay Agarwal had met the Directorate- General of Civil Aviation (DGCA) here last week and submitted a fresh proposal for restarting the airline. According to the proposal, UB Group would pump in Rs 650 crore in the airline over 10 months to facilitate restart of its operations.

“There have been no negotiations between AAI and the airline. AAI has categorically indicated that it is not willing to put the airline on a cash and carry basis. With AAI not only operating airports around the country but also managing Air Traffic Management and Communication Navigation Surveillance, the possibility of Kingfisher restarting operations seem remote,” a person connected with the development told Business Line.

Air traffic management relates to the process, procedures and resources which airports follow to make sure that aircraft are safely guided in the skies and on the ground. The cash and carry system allows an airline to operate its flights after paying an airport in advance before a flight leaves the airport. Normally airlines, which have not defaulted on payment of dues, are allowed to operate flights and various airport charges are billed to them at the end of a specified period of time.

However, with Kingfisher AAI is not keen to follow this route as it has already burnt its fingers dealing with the airline. Kingfisher had given AAI advance cheques which bounced.

There is also a feeling that the airline has “huge liabilities” and will not be able to conduct its operations smoothly with the funds being promised by the UB Group to restart its operations.

The airline, which reported a net loss of Rs 755 crore in the third quarter ended December 31, 2012, ceased operations on October 1 last year.

Kingfisher must clear debts before it is allowed to fly again
eTurboNews
NEW DELHI, India - It is unlikely that Kingfisher Airlines will be able to restart operations any time soon. This is because the Airports Authority of India (AAI), the Government's Service Tax Department and a consortium of banks are insisting that ...
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eTurboNews
Easier said than done to reduce bad loans
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For instance, the Kingfisher Airlines account went bad because of the unplanned expansion/acquisition without proper tie-up of funds. With little security to back the huge debt, banks appear to have little option but to take the write-off route and ...
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Maj. Gen. Joseph D. Brown IV and his wife, Susan, died in Cessna 210 crashed in a James City County



Plane crash kills former StratCom official, wife

WILLIAMSBURG, Va. -- Media outlets in Virginia are reporting that a plane crash near Williamsburg on Friday has killed an Air Force major general formerly assigned to U.S. Strategic Command at Offutt Air Force Base, along with his wife and their dog.

Virginia State Police spokeswoman Corinne Geller says Maj. Gen. Joseph D. Brown IV and his wife, Susan, died when a single-engine Cessna 210 crashed in a James City County subdivision. The major general, 54, was the pilot. There were no other passengers on the plane.

Geller said the crash occurred at 4:53 p.m. Friday near the Williamsburg-Jamestown Airport, where the plane was supposed to land. She said no one on the ground was injured, and no buildings were damaged.

Federal Aviation Administration investigators arrived at the scene Friday evening.

Other details, including the victims' hometown, weren't immediately released.

At the time of his death, Gen. Brown served as commandant of the the Dwight D. Eisenhower School for National Security and Resource Strategy at the National Defense University in Washington. He spent about two years at StratCom in Nebraska before being assigned to the university in October 2010.


Plane crash kills former StratCom official, wife - Journal Star
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WILLIAMSBURG, Va. -- Media outlets in Virginia are reporting that a plane crash near Williamsburg on Friday has killed an Air Force major general formerly assigned to U.S. Strategic Command at Offutt Air Force Base, along with his wife and their dog.
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NTSB has recording devices from Thomson plane crash
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The Beechcraft 390 Premier 1 jet was carrying five members of The Vein Guys clinic staff when itcrashed after aborting a landing at Thomson-McDuffie Regional Airport about 8 p.m. Feb. 20. Theplane went airborne at the end of the runway and hit the ...
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Va. police identify 2 victims of plane crash
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(AP) — Authorities on Saturday were investigating a plane crash that killed two people near Williamsburg. Virginia State Police spokeswoman Corinne Geller said pilot Joseph D. Brown IV, 54, and his wife, Susan D. Brown, 52, died when their single ...
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Virginia Plane Crash: 'Air Force General' Dies - Sky News
Sky News
A pilot who died when his light aircraft crashed just a few metres away from a house was reportedly a US Air Force general. The single-engine Cessna 210 came down in a field near a retirement community in Williamsburg, Virginia. There was no fire when ...
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Air Force Major General Killed in Va. Plane Crash
NBC4 Washington
A Major General in the United States Air Force was killed Friday afternoon when a small plane crashed in the Williamsburg area. WAVY, citing Virginia State Police, reported that Major General Joseph D. Brown IV, 54, had died in the crash. Virginia ...
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NBC4 Washington
Pilot uninjured after small plane crash in Santa Rosa
abc7news.com
Personnel from the Bennett Valley Fire Department could hear a plane flying low in the area making an odd sound around 10 a.m. A short time later, the department received a report of a small plane crash in a vineyard near 6500 Jamison Road, according ...
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abc7news.com
Husband, wife killed in James City County plane crash
wtvr.com
WTKR reports the crash occurred just before 5 p.m. near the 5600 block of Boatwright Circle, which is close to the Willamsburg-Jamestown Airport. Firefighters used a rope to help pull the wreckage from the trees. They removed the small plane wreckage ...
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