Thursday, October 4, 2012

Aerospace Diary extends deepest sympathy to Kingfisher engineer's family

Neelam Mathews
Oct 4, 2012

As though making false promises and using unacceptable language towards people who finally spoke up after being denied salaries for 7 months, wasn’t enough, Kingfisher management, if it has a conscience left, should have sleepless nights following the suicide of an AME's wife in Delhi. We hear, the suicide note cited a worry that the family was running out of finances following stoppage of salaries by Kingfisher.

Our heart and sympathy goes out to the family of the deceased and to the senior AME who had to bear this loss.

While it doesn't come much as a surprise , we have yet to hear Kingfisher Chairman, in San Francisco at the moment, sending out a few words to the family.

Kingfisher Airlines today extended its partial lockout by another three days till Sunday as talks failed. Now we wonder, could this be a permanent situation?
It is time to take a cold, hard, rational view by Kingfisher, says CAPA. It outlines :
 Total debts: $2.49 billion including bank debts (approximately $1.1 billion), promoter debts, trade debts and other short term liabilities;
 Accumulated losses: $1.9 billion as at 30 June 2012;
 Market capitalisation: $214 million based on its current share price and $158 million based on the 6 month moving average;
 Promoter contribution: approaching $1 billion as at 31 August 2012 as well as UB Group securities, of which $220 million has been infused in the last 3-4 months. However, funds are being received incrementally on a daily basis just to cover bare minimum expenses which is not helpful to management. 

1 comment:

  1. Much as I find the outward show of the Mallyas during these months to be highly reprehensible, but somehow I can't buy this suicide bit.

    Its too straight forward. A perfect suicide note - love for husband, son and bye bye life because 6 months salary not paid? Yes situation was dire and drastic action was required at a family level to shore up their means and explore all options together to pull through. But it definitely did not require to string oneself up.

    So why did she kill herself? Somehow things appear to have been made too convincing to make IT look a few shades darker than it is.