Somebody flushing money down the toilet

Mumbai International Airport Ltd (MIAL) has seized seven Kingfisher Airlines (KFA) aircraft for non-payment of airport dues, an official source said Tuesday

Mumbai airport authorities seize seven Kingfisher planes

EY will bail them out.

Some time back news was that EY is going to pick up 24% equity in Jet and Goyal would dilute some of his equity. EY already has a strategic alliance with Jet.

Now apparently 'King of Good Times' has offered a tastier lollypop to EY.;)

Aeronotix.

debt=10,000cr whoa
 

I can`t see how 3000cr could be 48% of KFA if the debt is really 10,000cr???:ugh:

Etihad under the able leadership of James Hogan is going the Kingfisher way.In their bid to catch up with Emirates and Qatar , they are adopting a brilliant new strategy of investing in other carriers. If that strategy was so good why didn't Emirates and Qatar follow it blindly ?Mr.Hogan flushed Gulf Air down the toilet and he would pretty much do the same for Etihad if he does invest in Kingfisher or for that matter any Indian carrier at the moment except Indigo but I don't think they would sell out.:ok::D:D

so is it official
 

Has someone invested in kingfisher??

Nothing announced yet. Instead, leasing and financing companies are fighting to get their aircraft back from KFA.

Germany's DVB Bank SE sues DGCA over Kingfisher Airlines planes - The Economic Times

Actually Sky Dancer, have to disagree with your comment, James in fact tried to build a bigger stronger Gulf Air, but was stymied by infighting between countries, and small minded board members, he wisely tossed in the towel and headed to a place where there was a commitment to build a proper airline, and of course the available liquidity to do this....the owners of GF gave him the job of widening the Panama canal, then handed him a shovel....:ugh:

Having read the article linked in Finn47's post, I find myself in the strange position of having to - for once - agree with KFA/VJM. It does indeed send the wrong message to any (potential) investors when Indian tax authorities seize property that does not belong to a debtor, but to an unconnected leasing company. Incredible India, indeed.

Wholly agree with ironbutt with regards to JH and EY.
It's a whole different ball game with EY.
And a whole lot better.
:)

Shares of Kingfisher AirlinesBSE -3.28 % were witnessing selling pressure on Tuesday after the company's flying licence expired yesterday after it failed to convince the Directorate General of Civil Aviation (DGCA) and the aviation ministry with its revival plans.

The DGCA officials have asked the cash-strapped airline to clear employees' dues at one go before being allowed to resume operations.

Kingfisher Airlines had submitted a third revival plan last month to save its flying licence, but the regulator found it unconvincing. According to the company, the revival plan states that the funding required would be provided by the UB Group.

"The DGCA has asked for certain no objection letters which are in the process of being procured. Further, a few additional questions have been raised which will be answered to the regulators' satisfaction," it said in a press release.

However, the company is not perturbed even as its license has lapsed.

"Despite the impending expiry of its license tonight, there is no cause for concern as the regulations permit license renewal within two years of expiry. Kingfisher Airlines is confident of securing approval from the DGCA on the restart plan, license approval and reinstatement of its AOP," the press release said.

"This might be a temporary setback for Kingfisher Airlines' bankers who were hoping for a quick resolution and also for the strategic investors such as Etihad who are negotiating a stake buy in the company," said a Kim Eng India Securities report.

It has been awfully quite, what, if anything has happened??

Nothing much to tell, really. Kingfisher keeps asking for their operator´s licence back, without being able to produce a credible financing plan. Authorities want them to clear all dues first. Employees haven´t been paid for over 8 months now.

Govt to Kingfisher: Clear all dues before taking wing again - Money - DNA

Who in their right mind would invest in an airline that has a crook for an owner, a fleet of unairworthy aircraft, millions in debt, not to mention employees that need to be brought upto equity?

KFA salaries are unpaid for 10 months now. Mallya actually met some employees for a change and said he´s "trying hard" and "making efforts" :rolleyes: etc. etc. No promises of paying up, however.

Kingfisher Chairman Vijay Mallya meets staff after their threat to file winding up plea - The Economic Times

It is all very sad, i had a really good time working for "Deccan" and even though 'kingfisher" was different it was ok, and mostly the people were nice, and we got to keep our base capt Indira S. Mittra who was a sweetheart. And i will always miss the staff at Chennai, i wish them all happy trails.:)

collase
 

well i hear KINGFISHER has collapsed, and the govt/banks are taking VJ`s assetts.

The Aviation Ministry has decided to cancel Kingfisher´s international bilateral rights, and furthermore, all domestic slots at Indian airports as well:

Govt scraps Kingfisher's local slots, international flying rights - The Economic Times