Key Developments: Kingfisher Airlines Ltd (KING.NS)

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Latest Key Developments (Source: Significant Developments)

Kingfisher Airlines Ltd moves Calcutta High Court against United Bank of India's default notice-Business Standard
Wednesday, 9 Jul 2014 

Kingfisher Airlines Ltd:Moved the Calcutta High Court challenging a communication by the United Bank of India that asked its chairman Vijay Mallya and other board members to meet the bank officials for alleged wilful default on payment of dues to the tune of nearly 4.00 bln Indian Rupees-Business Standard.  Full Article

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


IDBI Bank says not being probed over Kingfisher loan

MUMBAI - State-run lender IDBI Bank Ltd said on Tuesday it is not being investigated by the Central Bureau of Investigation (CBI) over a loan to the now-grounded carrier Kingfisher Airlines Ltd .

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