Is it RIP for Kingfisher now?
Join Date: Jun 2007
Location: Cochin VOCI , India
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" And in other news Kingfisher would like to anounce the starting of the Kingfisher training academy for air hostess and other jobs in the aviation field . Join soon for a bright and future career in the booming aviation industry "
The banners are all over the city here in Cochin for the new branch which they opened recently with huge ads splashed all over the front pages of the local newspapers.
The banners are all over the city here in Cochin for the new branch which they opened recently with huge ads splashed all over the front pages of the local newspapers.
Cool Mod
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Heads up!
Some stuff here made of fancy ideas in the minds of those who know nothing. Putting 'rumours' about from stuff that has NO substance is tantamount to threatening people's jobs. It is dangerous as it is stupid.
Stop it now or the thread goes. Some silly posts have already gone.
Get the point? FACTS, facts, facts only.
PPP
Stop it now or the thread goes. Some silly posts have already gone.
Get the point? FACTS, facts, facts only.
PPP
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Reposessions
Aviation News this morning:
This is the week that Kingfisher feared was coming Kingfisher Airlines is this week facing fresh renewed pressure from lenders and other companies with whom it finds itself indebted to. The difference this week from others before it is that lenders are to meet to ensure that at least some of the securities and guarantees are invoked. These measures are likely to be taken now as it seems clear to them that Indian government approval of foreign direct investment in airlines is not around the corner.
In fact Kingfisher Airlines is yet to repay debts due after some of the guarantees issued by banks were invoked by other agencies for non-payment over three months ago. As a result, the banks, who have an exposure of over Rs 7,000 crore (US$1.2bn even though the Rupee has fallen so much against the greenback this year) riding on Kingfisher, have classified the loan as a non-performing asset and have already set aside over Rs 1,000 crore (US$171m).
The Airports Authority of India (AAI) on Friday told Kingfisher that unless the airline's debts of Rs 270 crore are diluted on a regular basis, it will not allow Kingfisher aircraft to leave the country. The lessors had wind of this and that is why they acted to get their metal back but as we understand it they were too late (you know who they are). This is a lessor’s worst nightmare. The only reason for such a public statement by the AAI was to let the lessors know that they will not be able to repossess their aircraft (seeing as Kingfisher has no international operations). This is going to be a costly scenario for lessors and is a terrible blow given that they showed so much faith towards Kingfisher. AAI has already filed a criminal case against Kingfisher over unpaid debts, as it is with the courts the lessors are in for a hard time. Kingfisher is going to leave a terrible mess in its wake.
Look out for oil and FX: Oil surged back towards $100 a barrel on Friday while the euro and Indian rupee also surged with the latter moving back below 56 to the US Dollar.
Philip
- reproduced without permission
Thanks Cool Mod but I think it should be Front Page and not "buried"........
This is the week that Kingfisher feared was coming Kingfisher Airlines is this week facing fresh renewed pressure from lenders and other companies with whom it finds itself indebted to. The difference this week from others before it is that lenders are to meet to ensure that at least some of the securities and guarantees are invoked. These measures are likely to be taken now as it seems clear to them that Indian government approval of foreign direct investment in airlines is not around the corner.
In fact Kingfisher Airlines is yet to repay debts due after some of the guarantees issued by banks were invoked by other agencies for non-payment over three months ago. As a result, the banks, who have an exposure of over Rs 7,000 crore (US$1.2bn even though the Rupee has fallen so much against the greenback this year) riding on Kingfisher, have classified the loan as a non-performing asset and have already set aside over Rs 1,000 crore (US$171m).
The Airports Authority of India (AAI) on Friday told Kingfisher that unless the airline's debts of Rs 270 crore are diluted on a regular basis, it will not allow Kingfisher aircraft to leave the country. The lessors had wind of this and that is why they acted to get their metal back but as we understand it they were too late (you know who they are). This is a lessor’s worst nightmare. The only reason for such a public statement by the AAI was to let the lessors know that they will not be able to repossess their aircraft (seeing as Kingfisher has no international operations). This is going to be a costly scenario for lessors and is a terrible blow given that they showed so much faith towards Kingfisher. AAI has already filed a criminal case against Kingfisher over unpaid debts, as it is with the courts the lessors are in for a hard time. Kingfisher is going to leave a terrible mess in its wake.
Look out for oil and FX: Oil surged back towards $100 a barrel on Friday while the euro and Indian rupee also surged with the latter moving back below 56 to the US Dollar.
Philip
- reproduced without permissionThanks Cool Mod but I think it should be Front Page and not "buried"........
