Problemi di liquidità per Kingfisher


Problemi seri per Kingfisher

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India's Kingfisher called out on debt, safety
By: Aaron Karp

Trouble continued to mount for India's Kingfisher Airlines (IT) as both its largest creditor and the country's top aviation official publicly criticized the carrier.
State Bank of India (SBI) chairman Pratip Chaudhuri told reporters that IT has been classified as a non-performing asset. "They are in default … Kingfisher has been unable to pay its dues," he said, according to multiple media reports from India. SBI is IT's largest creditor.
Meanwhile, India's Directorate General of Civil Aviation (DGCA) carried out an audit of Indian airlines that found, unsurprisingly, severe "financial stress" in the domestic industry. But, in particular, the audit report said "a reasonable case exists for withdrawal of [IT's] airline operator permit as their financial stress is likely to impinge on safety." According to The Times of India, the DGCA said that nearly a third of IT's fleet of 64 aircraft "are grounded due to want of spares, engines, components, etc."
DGCA head Bharat Bhushan walked back the report slightly, emphasizing that IT is not in imminent danger of losing its operating license. But he told the Financial Times: "They need to pull up their socks, otherwise they risk being grounded … They need to address some of the problems we have found and reassure us that their financial troubles will not affect passengers' safety."
In a statement, IT said that "DGCA has asked Kingfisher Airlines to provide a specific timeline for getting the grounded aircraft back in the air and for its recapitalization efforts. We would like to reassure our valued guests that at Kingfisher Airlines safety is of paramount importance, and that our scheduled flights will continue to operate with utmost safety in full compliance with regulatory requirements."
IT, founded in 2005 by United Brewery tycoon Vijay Mallya, is reportedly considering a major cost-cutting program (ATW Daily News, Jan. 5). Mallya had hoped an alliance formed with Jet Airways in late 2008 would solve IT's long-running fiscal problems (ATW Daily News, Oct. 15, 2008).
atwonline.com
 
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India's civil aviation minister supports foreign airline investment

By Aaron Karp | January 18, 2012

Indian civil aviation minister Ajit Singh said Tuesday that he and the country's finance minister back allowing foreign airlines to own up to a 49% stake in Indian carriers "as soon as possible."
India's full cabinet will have to approve the proposal, seen as likely with Singh's backing. Foreign direct investment (with a 49% cap) in Indian airlines is currently allowed, but foreign airlines aren't allowed to invest at all. Singh told reporters in New Delhi that allowing 49% ownership of Indian airlines by foreign carriers "will help the [domestic airline] sector that is in financial stress"(ATW Daily News, Jan. 12).
Singh did not say how long it will take to formally remove the restrictions on foreign airline investment, but indicated he wants the process to move forward relatively quickly. According to reports from Indian media, the loosening of restrictions on airline investment fits well into Indian Prime Minister Manmohan Singh's overall strategy of allowing greater foreign investment in Indian companies.
While India's airlines have struggled financially in recent years, the country's demographic trends point toward expanded air travel in the future and likely will entice major industry players worldwide to consider taking significant stakes in Indian carriers.
 
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Kingfisher employees unpaid for two months

By Aaron Karp | February 14, 2012

Troubled Kingfisher Airlines (IT) has not paid employees since December and was unable to make a planned salary disbursement last week.

India's The Economic Times and Mint newspapers quoted a Feb. 11 email to airline employees from CEO Sanjay Aggarwal, stating, "Unfortunately, we got hit by a couple of large unanticipated payments which had to be addressed on an emergency basis." This necessitated another paycheck postponement, he explained.

"We are in serious discussions with several potential investors and expect to recapitalize the airline in the very near future," Aggarwal wrote to workers. "Let us ensure we put our best foot forward to ensure these investors see our resolve and attitude even in these difficult times."

IT, in the midst of a serious financial crisis (ATW Daily News, Feb. 6), employs around 7,000 people. It is not the only Indian airline facing difficulty; Jet Airways and Air India are also reportedly having trouble making payroll.

http://atwonline.com/airline-finance-data/news/kingfisher-employees-unpaid-two-months-0214
 
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