Key Developments: Kingfisher Airlines Ltd (KING.NS)

KING.NS on National Stock Exchange of India

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Latest Key Developments (Source: Significant Developments)

Kingfisher Airlines Ltd Posts INR21.42 Billion Loss-Business Standard
Friday, 31 May 2013 

Business Standard reported that Kingfisher Airlines Ltd which has not flown since last October, reported yet another quarter of loss, and the resumption of operations is still not in sight as it struggles to win regulatory approvals. Kingfisher said net loss widened to INR21.42 billion for its fiscal fourth quarter ending in March, compared with a net loss of INR11.50 billion a year earlier. The Company is estimated to owe about INR140.00 billion to banks, airports and others and its flying licences expired at the end of last year. Kingfisher has twice submitted revival plans to the sector regulator in bids to restart the airline, with parent UB Group committing initial funding, but is yet to win approval. Kingfisher had never made a profit in its eight years of operations.  Full Article

DVB Bank SE Sues Over Kingfisher Airlines Ltd Planes-Reuters
Friday, 21 Dec 2012 

Reuters reported that DVB Bank SE has sued India's aviation regulator and Kingfisher Airlines Ltd to have two planes it financed for the troubled carrier deregistered, a possible first step towards recouping its funds. The case underlines the problems that leasing firms and financing companies face in recovering grounded planes from Kingfisher, as airports, banks and tax authorities scramble for the crisis-hit carrier's assets.  Full Article

Kingfisher Airlines Ltd To Sell 48% Stake Sale To Etihad Airways For Over INR3,000 Crore-The Economic Times
Tuesday, 11 Dec 2012 

The Economic Times reported that Vijay Mallya's Kingfisher Airlines Ltd, has finally found a saviour in United Arab Emirates national carrier Etihad Airways. Etihad, which was also in talks with Jet, has agreed to pick up a 48% stake in Kingfisher for a little over INR3,000 crore. The deal's official announcement is likely to come around December 18, Mallya's 57th birthday, when he has organised a big bash at his sea-side Kingfisher Villa in Goa. The deal, sources in the two airlines say, will be closed in two installments. Etihad will buy a 30% stake this month and another 18% by August next year.  Full Article

Kingfisher Airlines Ltd Lifts Lockout, Agrees To Pay Four Months Salary Dues-The Economic Times
Thursday, 25 Oct 2012 

The Economic Times reported that Kingfisher Airlines Ltd's month-long crisis ended with the management lifting the lockout and agreeing to pay by December end four months salary dues to striking employees who decided to return to work with immediate effect. However, resumption of Kingfisher's flight operations may take at least three-four weeks as the airline would have to get the suspension of flying license revoked by the DGCA which also has to satisfy itself on safety issues as well as the viability of their financial and operational plans. After separate rounds of meetings with agitating pilots and engineers here, the airline management agreed to pay the March salary within 24 hours, the April salary by October 31, May dues before Diwali in mid-November and June salary by December end. Under the agreement, the management, which was earlier offering only three month salary dues, climbed down to accept the workers' demand for payment of four out of seven months' dues by December end.  Full Article

India Suspends Kingfisher Airlines Ltd's Licence-Reuters
Sunday, 21 Oct 2012 

Reuters reported that Kingfisher Airlines Ltd's licence was suspended on October 21, 2012 after it failed to address the Indian regulator's concerns about its operations, forcing the carrier to stop taking bookings.  Full Article

Kingfisher Airlines Ltd Asked To Stop Ticket Sales Until Concerns Resolved - Business Standard
Wednesday, 10 Oct 2012 

Business Standard reported that the aviation regulator has asked Kingfisher Airlines Ltd, which faces a possible shutdown by the government after an extended grounding of its fleet, to stop selling tickets until its concerns are resolved, a government source said.  Full Article

Kingfisher Airlines Ltd Cancels Flights On Employee Unrest-Reuters
Monday, 1 Oct 2012 

Reuters reported that Kingfisher Airlines Ltd was cancelling several flights on Monday due to employee unrest, in a fresh blow to the ailing carrier. The airline was cancelling flights on Monday because it feared a number of its employees were unlikely to report for work due to threats from other workers.  Full Article

Kingfisher Airlines Ltd Starts Paying February Salaries To Staff-Reuters
Friday, 6 Jul 2012 

Reuters reported that Kingfisher Airlines Ltd has started paying February salaries to employees, providing a measure of relief to frustrated staff, including pilots who had recently threatened to go on strike.  Full Article

Kingfisher Airlines Ltd Offers To Sell Pledged Assets-The Economic Times
Friday, 6 Jul 2012 

The Economic Times reported that debt-laden Kingfisher Airlines Ltd indicated for the first time its willingness to sell a plush villa in Goa to pay off a part of its debt, but lenders to the stricken airline insisted on more contribution from the promoters before parting with more money. Bankers participating in a meeting of 17 bankers to the airline in Mumbai on July 5, 2102, asked the Kingfisher management to pay fees on the guarantees and letter of credit which is due for renewal. They also asked the management to come up with concrete plan on settling their dues.  Full Article

LKP Finance To Buy 8% Equity Stake In Kingfisher Airlines Ltd-The Economic Times
Wednesday, 27 Jun 2012 

The Economic Times reported that LKP Finance, a Mumbai-based non-banking financial services company, has acquired optionally convertible debentures of Kingfisher Airlines from an investment company owned by Vijay Mallya, giving the debt-laden airline some respite as it battles to raise cash and pay down its debt. The NBFC bought debentures worth INR160 crore which will translate into an equity stake of up to 8% in Kingfisher Airlines upon conversion. The conversion is likely to happen between INR21 and INR23 a share in a couple of week’s time. The conversion will be based on the Sebi formula of pricing, said a banker close to the transaction.  Full Article

BRIEF-India's SBICAP Trustee Co invites interest for trade marks pertaining to Kingfisher

NEW DELHI, April 7 - * India's SBICAP Trustee Co says invites interest from parties who want to acquire trade marks pertaining to Kingfisher Airlines * SBICAP Trustee Co says expression of interest to be considered for determining estimated market value of trade marks and buyers' interest for acquiring those * SBICAP trustee says expression of interest is non-binding, neither a bid/offer nor a tender

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