Aerospace Diary

By:   Neelam Mathews    FlightGlobal 6 hours ago Anyone looking for an example of how hard times can reverse fortunes in the airline business need look no further than Kingfisher Airlines and its flamboyant boss, the high-living Indian booze baron Vijay Mallya. Once a leading light among the new, private ventures poised to profit from India's burgeoning wealth and seemingly insatiable appetite for domestic and international air travel, Kingfisher - named after one of the most popular brands in Mallya's United Breweries, one of the world's biggest drinks companies - has stumbled into 2012 with a crushing debt burden, a crippled fleet and a desperate need for a financial saviour. At its height, Kingfisher ran an extensive domestic network, targeting the business traveller in particular. The airline built a fleet of 60 Airbus and ATR aircraft with nearly 150 on order or option and, between the main operation and low-cost subsidiary Kingfisher ...

Neelam Mathews Jan 9, 2012 Aerospace Diary has learnt the consortium of banks that has lent funds to Kingfisher Airlines, is meeting with the carrier's  top management in Bangalore today. It is not clear if Chairman Vijay Mallya will attend. "Kingfisher is a NPA (non-performing asset) for us. They are in default," SBI chairman Pratip Chaudhuri said in New Delhi recently. SBI is the airline's largest creditor of the consortium of banks with Rs 1,457.78 crore. SBI had asked Kingfisher to repay Rs 500 crore loans to upgrade to standard assets within 90 days. Aerospace Diary has also learnt Kingfisher may add another member to its senior management team soon.