IS KFA FOR SALE?
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IS KFA FOR SALE?
There are widespread rumours that kingfisher is in talks with reliance industries for sale of the airline,moreso as they still have'nt paid some of its pilots their salaries for the month of july and the salaries for the month of august are bound to be late.
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NEW DELHI: Private air carrier Kingfisher Airlines owes over Rs 200 crore to the Airport Authority of India (AAI), Parliament was informed on Thursday.
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
"Their dues exceeded the security deposit/bank guarantees available with AAI," Ravi said.
As per the details provided by the Minister, as on June 30, 2011, Kingfisher Airlines owes Rs 208.06 crore, while Paramount Airways owes Rs 5.72 crore to AAI.
On the actions taken by the government for recovery of the dues from these two airlines, Ravi said, "Operations of both these airlines have been put on 'cash and carry' basis, bank guarantees submitted by these two airlines have been encashed, penal interest is charged on account of delay in settlement of the bills."
Responding to another query, Ravi said the amount due to AAI from private airlines is Rs 345.27 crore, which includes the dues from Kingfisher and Paramount.
In addition, Go Airlines owes Rs 6.23 crore to AAI, while Indigo, Jet Airways, Jet Lite, Spicejet and others need to pay Rs 10.44 crore, Rs 57.66 crore, 13.71 crore, Rs 16.07 crore and Rs 27.38 crore, respectively.
Further, he said as on June 30, 2011, private airlines owed oil marketing companies Rs 1,518.15 crore in dues towards supply of aviation turbine fuel.
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
"Their dues exceeded the security deposit/bank guarantees available with AAI," Ravi said.
As per the details provided by the Minister, as on June 30, 2011, Kingfisher Airlines owes Rs 208.06 crore, while Paramount Airways owes Rs 5.72 crore to AAI.
On the actions taken by the government for recovery of the dues from these two airlines, Ravi said, "Operations of both these airlines have been put on 'cash and carry' basis, bank guarantees submitted by these two airlines have been encashed, penal interest is charged on account of delay in settlement of the bills."
Responding to another query, Ravi said the amount due to AAI from private airlines is Rs 345.27 crore, which includes the dues from Kingfisher and Paramount.
In addition, Go Airlines owes Rs 6.23 crore to AAI, while Indigo, Jet Airways, Jet Lite, Spicejet and others need to pay Rs 10.44 crore, Rs 57.66 crore, 13.71 crore, Rs 16.07 crore and Rs 27.38 crore, respectively.
Further, he said as on June 30, 2011, private airlines owed oil marketing companies Rs 1,518.15 crore in dues towards supply of aviation turbine fuel.
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Things at KFA have become bad to worse with more than 10 aircrafts grounded,pilot salaries delayed for second consecutive month,more than 40 pilots leaving the airline ,KFA is in a real sorry state of affairs.The writing for KFA is on the walls.
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Deccan employees hoped that "Things will improve with KF"..
The same hope stays now.
Only the management will be axed. in due course... Most line workers will stay..
The same hope stays now.
Only the management will be axed. in due course... Most line workers will stay..
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I feel bad for all the pilots & employees of Kingfisher but for the owners & management, it's all about KARMA....
What goes around, comes around......
Vultures forget that they are still a part of the food chain, there will be other vultures waiting for them, when they die......
I hope KFA can find an investor who is willing to take over & run this airline in a professional way rather than using ones whims & passions......
What goes around, comes around......
Vultures forget that they are still a part of the food chain, there will be other vultures waiting for them, when they die......
I hope KFA can find an investor who is willing to take over & run this airline in a professional way rather than using ones whims & passions......
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Vijay Mallya grounds low-cost carrier Kingfisher Red - NDTV Profit
Guess he finally is of loading the monkey on his back. If only he had allowed Gopi to go down in flames instead of buying him out he might have focused on the high margin premium segment of travel.
Question now is: Does this mean these aircraft are going to be stripped down to service the balance aircraft in the system or are they going to be sold of to service the debt. I don't think he has the money to revamp them into full service aircraft.
Guess he finally is of loading the monkey on his back. If only he had allowed Gopi to go down in flames instead of buying him out he might have focused on the high margin premium segment of travel.
Question now is: Does this mean these aircraft are going to be stripped down to service the balance aircraft in the system or are they going to be sold of to service the debt. I don't think he has the money to revamp them into full service aircraft.
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I believe the reconfiguring process is already underway
Excerpt from the Chairman's letter
In order to further improve operating performance, Kingfisher is in the process of
reconfiguring its aircraft. This reconfiguration will increase capacity by 10% at minimal
incremental cost. With Kingfisher’s domestic economy load factors running in the mid 80s,
this additional capacity will result in significantly improved revenues. There are numerous
other initiatives underway to make Kingfisher a more efficient airline.
http://www.flykingfisher.com/pdf/REPORT.pdf
Maybe this also has something to do with the above news
news.outlookindia.com | 13 Kingfisher Flights Cancelled for 'Maintenance'
Excerpt from the Chairman's letter
In order to further improve operating performance, Kingfisher is in the process of
reconfiguring its aircraft. This reconfiguration will increase capacity by 10% at minimal
incremental cost. With Kingfisher’s domestic economy load factors running in the mid 80s,
this additional capacity will result in significantly improved revenues. There are numerous
other initiatives underway to make Kingfisher a more efficient airline.
http://www.flykingfisher.com/pdf/REPORT.pdf
Maybe this also has something to do with the above news
news.outlookindia.com | 13 Kingfisher Flights Cancelled for 'Maintenance'
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