Kingfisher Airlines : IT : KFR

NZ64 a écrit:Bonsoir

La question, je crois, n'est pas " Est-ce que Kingfisher va sortir du transport aérien ? " mais plutôt, quand et comment.

Sale/lease back ? De quoi, trop d' avions de KFR sont déjà en leasing avec des loyers impayés.
Aercap et d'autres ont déjà réussi à "rapatrier" leurs appareils, Qui voudrait prendre le risque ?

KFR et Deccan possèdent quelques atouts ( et seraient bien plus attrayants si VM en était absent ).

Mr Arpey ( AA ) .... qu'aurait-il déjà fait ?

Bonne question !

CHEYENNE a écrit:Bonsoir

Il y a plus d'ATR ( 17 ) effectivement en exploitation que d'A 320 ( reste 15 ) chez KFR

Le dernier A 320-232 qui aurait dû être livré ( N° 4961 ) ne l'est toujours pas : pourquoi ?

Le DGCA indien affirme, en novembre, que KFR n'utilise plus que 35% des slots qui lui sont attribués.

A suivre.

Oui ! A quoi bon, ... pourquoi laisser ces créneaux inutilisés dans un état de quasi stérilité ? La question est posée.

India's Kingfisher Airlines has been asked by the country's aviation regulator to provide a timeline for getting its grounded aircraft back in the air and for its recapitalisation efforts.

The airline's senior executives met officials from the Directorate General of Civil Aviation (DGCA) on 5 January to review the regulator's recently concluded financial audit that covered all domestic airlines, said Kingfisher CEO Sanjay Aggarwal.

"We would like to clarify that DGCA did not have any significant findings or concerns with regard to the safety at Kingfisher Airlines and that we have an adequate number of pilots and engineers to operate our scheduled services," said Aggarwal.

In its financial audit of Kingfisher, the regulator raised concerns that the cash-strapped airline's financial situation may affect its safety standards and said that it is reasonable to withdraw the airline's operator's permit.

The regulator is also concerned that a third of Kingfisher's fleet are grounded because of a lack of components, spare parts and engines, and that a number of pilots have left the airline recently.

Media reports in India have said that the DGCA's main aim is to ensure that the financial status of the country's airlines do not affect passengers' safety and that the situation has not reached the point where the airline's permit will be withdrawn.

The financial audits were carried out from a safety perspective in December 2011 because of the reported financial stress experienced by scheduled domestic airlines, said India's Ministry of Civil Aviation in a statement.

"Several findings have been noted with respect to backlog of flight crew training, flight operations quality assurance monitoring, shortage of operational crew, delay in disbursement of salaries, etc," the statement added.

The ministry added that it was concerned about budget carrier Air India Express as well because it is facing a shortage of pilots.

The CEOs of all the airlines have been asked to review their respective airlines and told to submit their recovery plans in the week ending 13 January, added the ministry.

Kingfisher cancelled a slew of flights late last year, saying that it needed to reconfigure the aircraft to improve revenue production.

Several lessors were heard to be in discussions with the airline about taking back leased aircraft after Kingfisher was said to have defaulted on payments.

In December 2011, the airline reported a net loss of Indian rupees (Rs) 4.69 billion ($89 million) in its second fiscal quarter against a net loss of Rs2.31 billion in the same period a year earlier.

"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 and stipulations in this regard," said Aggarwal.

Germany's DVB Bank said it may repossess two Airbus A320 aircraft from India's troubled Kingfisher Airlines if the carrier failed to meet its commitment to the lender in due time.

Cash-strapped Kingfisher, controlled by flamboyant drinks baron Vijay Mallya, is having trouble making interest payments and paying salaries.

"It is a painful situation, it requires a lot of time and work," Bertrand Grabowski, a member of the board at the bank who oversees the aviation business, told reporters in an interview on Friday.

"We have said to Vijay (Mallya) that we cannot continue like this. If we are not paid on due time we will certainly consider repossession of the aircraft," he added, while declining to comment if there is a certain deadline that the bank has set.

Last month, Indian tax officials froze several of Kingfisher's bank accounts for failure to pass on to the government the service taxes that are included in ticket prices. It has until March to pay the outstanding service tax, the Indian finance ministry said.

Grabowski said the amount of loan that DVB has extended to Kingfisher was not significant to its USD$10 billion aviation portfolio and said the carrier is the only problem that DVB has in its aviation balance sheet.

Kingfisher was not available for comment.

On the outlook for this year he said the bank might see slower new loan growth to aviation clients as the risk in the sector is likely to be higher in 2012 due to tough operating environment for airlines.

DVB is likely to extend only USD$2 billion - USD$2.5 billion of new loans this year compared to USD$3 billion in 2011, Grabowski said.

(Reuters)

UB Group's overseas drink companies' assets won't be used to raise funds for the Indian conglomerate's struggling Kingfisher Airlines subsidiary, a UB executive said on Monday, adding that a long-planned share listing was not imminent.

UB, whose interests span alcohol, airlines and sports teams, is under pressure to find a solution to Kingfisher's financial troubles as the carrier struggles to meet interest payments.

"Each of our businesses operates independently and no transfer of resources is envisaged from one operating entity to another," UB group chief financial officer Ravi Nedungadi told reporters. "From the day we acquired Whyte & Mackay, we said we would consider listing it at some point. The point is not now."

UB, controlled by the flamboyant Indian businessman Vijay Mallaya, acquired Scottish whisky brand Whyte & Mackay in 2007 for GBP£595 million (USD$909 million).

The Economic Times, citing an unnamed source, reported on Monday that UB planned to consolidate its foreign drinks assets under the Whyte & Mackay brand ahead of a foreign listing as part of a strategy to assist the cash-strapped airline.

Kingfisher, hit by rising costs, fierce competition and a slowdown in the Indian economy, was forced to cancel flights late last year and is having trouble making interest payments and paying salaries to employees.

The airline owed INR600 million rupees (USD$11.6 million) in service taxes as of last Tuesday. It also owes the government about INR1.3 billion rupees of income tax deducted from employee salaries.

"Any plans we may have for W&M have nothing to do with Kingfisher Airlines," UB Group spokesman Prakash Mirpuri said. "However, there are no immediate plans in the offing."

(Reuters)

Struggling Indian carrier Kingfisher Airlines' planned entry the Oneworld alliance has been put on hold to give it time to work on its troubled financial position.


The Indian carrier's implementation into Oneworld had been planned for 10 February, but the alliance and airline have now agreed to put the move into Oneworld on hold.

Oneworld chief executive Bruce Ashby said: "These are turbulent times for the airline industry in India and many other parts of the world. We have been working closely with Kingfisher Airlines over the past months and it has become increasingly clear recently that the airline needs more time to resolve the financial issues it is confronting before it can be welcomed into Oneworld.

"We will work with Kingfisher Airlines with the aim of setting a new joining date once it is through this current period of turbulence," he added.

Kingfisher Airlines chairman Vijay Mallya said: "In light of the many priorities centred around Kingfisher Airlines' recapitalisation efforts, we felt it prudent to defer our entry into the alliance for a little while. This will allow us the opportunity to focus on the issues at hand and we look forward to being part of the Oneworld alliance very shortly."

Kingfisher was to be Oneworld's first Indian member, but speculation over its entry into the alliance has increased in recent months as its financial concerns have deepened.

The announcement marks a double blow for Oneworld today, coming on the same day as its Hungarian member airline Malev was forced to cease flights. It comes just a day after Oneworld confirmed Air Berlin would formally join the alliance on 20 March.

It means a longer wait for the first Indian carrier to join a global alliance. Six months after Air India's long-planned entry into Star Alliance was suspended after it failing to meet the agreed minimum membership conditions.

Financially troubled Kingfisher Airlines has been suspended from the International Air Transport Association's Clearing House (ICH) payment system.

The Indian carrier was suspended "as they did not settle their ICH account within the due time", said an IATA spokesman when contacted.

The airline, however, said the suspension was a result of an "internal system failure", resulting in insufficient credits in its ICH account.

"Kingfisher would like to confirm that all its dues via ICH have been settled in full and it has absolutely no outstanding due as of date," added a spokewoman.

IATA, which has said that Kingfisher will be reinstated after the airline "fulfils the ICH requirements", however reiterated that the airline is still under suspension.

The ICH system is used by hundreds of airlines to settle payments for interline agreements and around 80% of interline transactions are settled through it. With the suspension, Kingfisher's revenue will likely suffer a further hit.

Shortly after Kingfisher was stopped from using the ICH, its planned entry into the Oneworld alliance was also put on hold. The airline was supposed to join the alliance on 10 February.

"We have been working closely with Kingfisher Airlines over the past months and it has become increasingly clear recently that the airline needs more time to resolve the financial issues it is confronting before it can be welcomed into Oneworld," said Oneworld chief executive Bruce Ashby.

Two major Gulf Arab carriers said they have no interest in taking a stake in struggling Indian carrier Kingfisher Airlines, which is grappling with a pile of debt and on the hunt for fresh equity.

Abu Dhabi's state-owned Etihad Airways and Qatar Airways said on Thursday they were not inclined to invest in Kingfisher.

Sources in India familiar with the matter told said that Kingfisher was in early talks with Qatar Airways about a possible stake in the company. The Indian carrier is also known to have met officials at Etihad, one source said.

"We have no interest in Kingfisher," a spokesman for Qatar Airways said.

Etihad's chief executive James Hogan said they too had no interest in the Indian carrier. He declined to elaborate.

Kingfisher, controlled by drinks baron Vijay Mallya, has said it is in talks with potential investors. Kingfisher officials did not respond to a request seeking comment.

The carrier has failed in its long-running efforts to bring in fresh equity. Its banks are stuck with a quarter of Kingfisher's shares after a debt recast and lead lender, State Bank of India, refuses to lend more in the absence of an equity injection.

The cash-strapped carrier said last month that it had began talks with SC Lowy Financial, a Hong Kong distressed debt firm, in a sign it may be running out of more attractive traditional funding options.

One of the sources said Kingfisher was also talking with US private equity firm WL Ross.

Backed by sovereign wealth from oil-producing states, Gulf carriers have been on an aggressive acquisition drive in Europe, picking up stakes in debt-ridden airline companies.

Etihad, which is owned by Abu Dhabi, increased its stake in Air Berlin to nearly 30 percent in December and bought a 40-percent stake in Air Seychelles last month.

Qatar Airways bought a 35 percent stake in freight carrier Cargolux last year.

These fast-growing carriers are seen as key potential investors in Indian carriers, which are struggling amid fierce competition. The Indian government is expected soon to allow foreign carriers to own up to 49 percent in local airlines.

(Reuters)

India's aviation regulator on Monday summoned cash-strapped Kingfisher Airlines to explain scores of cancelled flights over recent days, as the carrier's problems mounted.
© 2012 AFP

L'autorité indienne des transports aériens a convoqué lundi la compagnie Kingfisher, en proie à de graves difficultés, pour qu'elle s'explique sur l'annulation de nombre de vols au cours des derniers jours.
© 2012 AFP

EW DELHI, 21 février (Reuters) - La compagnie aérienne indienne Kingfisher Airlines semblait mardi sur le point de s'effondrer sous le poids de ses dettes, les annulation de vols s'étant multipliées depuis près d'une semaine et les démissions de pilotes s'accumulant par dizaines.

Vijay Mallya, le magnat des alcools qui contrôle la compagnie aérienne et lui a donné le même nom que sa célèbre marque de bière indienne, s'est dit déterminé à sauver Kingfisher, imputant ses difficultés de financement au gel de ses comptes bancaires par le fisc.

Il n'existe en [Vous devez être inscrit et connecté pour voir ce lien] aucune disposition légale imposant aux sociétés de se déclarer en faillite.

Kingfisher, un client d'Airbus, pourrait donc baisser le rideau du jour au lendemain, faute de financements, préviennent les
analystes.

"S'ils ne trouvent pas de capitaux frais, évidemment ils sont condamnés. Ils n'ont l'argent ni pour la maintenance, ni pour les salaires, ni pour quoi que ce soit d'autre", a dit à Reuters Sharan Lillaney, analyste spécialisée dans l'aviation pour Angel Broking.

L'action Kingfisher a plongé de près de 20% mardi, jour où la compagnie était convoquée par la direction indienne de l'aviation civile pour s'expliquer sur l'annulation de plus de 100 de ses vols au cours des quatre derniers jours.

A l'issue de la réunion, le régulateur indien a dit avoir obtenu de Kingfisher des garanties de financement bancaire, et l'action a effacé la totalité de ses pertes.

Kingfisher, qui était encore l'an dernier la deuxième compagnie aérienne indienne, n'a dégagé aucun bénéfice depuis son lancement en 2005, pâtissant de l'envolée des prix du carburant et de la concurrence féroce des compagnies low-cost.

Sur un marché indien pourtant en forte croissance, de près de 20% en 2011, le chiffre d'affaires de Kingfisher recule depuis fin 2011.

Le groupe accuse une dette de 1,3 milliard de dollars (984 millions d'euros), et, faute de liquidités, il ne verse plus les salaires de ses employés et accumule les impayés fiscaux, ajoutant, selon Kotak Institutional Equities, 477 millions de dollars à sa dette.

L'action Kingfisher a plongé de près de 60% depuis janvier 2011, faisant fondre la valeur boursière du groupe à 269 millions de dollars.

Des informations de presse portent à 300 le nombre de pilotes qui ont démissionné depuis septembre dernier.

Le journal Mint, qui cite un responsable gouvernemental, rapporte par ailleurs que Kingfisher va restituer deux Airbus A320 à des sociétés de crédit-bail aéronautique en raison de défauts de paiement.

D'après les dernières données d'Airbus, les commandes en cours de Kingfisher portent sur 32 monocouloirs de la famille A320, 20 appareils A330, cinq long-courriers A350 et cinq très gros porteurs A380.

(Sanjeev Choudhary et Anurag Kotoky, avec Cyril Altmeyer à Paris, Natalie Huet pour le service français, édité par Wilfrid Exbrayat)

Indian tycoon Vijay Mallya, scrambling to raise funds to rescue his ailing Kingfisher Airlines, is considering the sale of all or part of his stake in his flagship beer business to Dutch brewer Heineken, said people familiar with the situation.
They added that Mallya has the option of selling a stake in United Breweries to ease his financial woes, and Heineken would be a keen buyer to gain control of India's biggest brewer and maker of Kingfisher beer.

The Amsterdam-based brewer holds a 37.38 percent stake in UB as a legacy of its takeover of Scottish and Newcastle in 2008. The purchase of 13 percent, valued at USD$370 million at current market prices, would be enough to take Heineken over the 50 percent mark.

Mallya owns around 19 percent of UB and has held talks with a number of different parties to try and raise cash for his ailing Kingfisher airline. There are no active talks going on at the moment with Heineken, the people said.

"Mallya is clearly looking at all his options and if he did look to sell a stake to give Heineken control of United Breweries then he would find a willing buyer," said one person with knowledge of the situation.

A spokesman at Mallya's UB Group did not answer calls. A spokesman for Heineken declined to comment.

UB controls around half the fast-growing Indian beer market with SABMiller having around a third, but beer consumption is still relatively low at less than 1 litre per person per year compared with China at close to 30 litres and western Europe of around 60 litres.

The Financial Times reported that Mallya was close to selling a 13 percent stake in UB to Heineken, while the Business Standard newspaper said he may be looking to sell part of his holding and invest some of the process in his airline.

Mallya is under pressure from his airline's lenders to inject equity into Kingfisher, which has debts of USD$1.3 billion and has slashed its flight schedule and grounded most of its fleet as it has been unable to pay staff.

(Reuters)

Is Kingfisher Airlines really in trouble?

It may just be a well-crafted strategy by Vijay Mallya to sail through the current crisis

While everyone seems to be in a mood to write him off with headlines about his airline on the verge of collapse, Vijay Mallya may well be right on track in executing his plans to get back a leading position in the aviation space.

Mallya may already have a foreign airline partner by his side, perhaps a cash-rich one, something that he has already hinted at in the recent past. All he has to do is clear the regulatory hurdles for the entry of his new airline partner in India. This is what may help the airline survive the current crisis.

Today, he is doing just that with ultimate precision. Mallya is actually firing on all cylinders. Grounding over 75 per cent of the airline’s fleet, rolling-back almost all international operations, not paying his employee’s salaries till sometime back and delaying outstanding payments are some of the pressure points he has managed to create for the government to clear the FDI policy on aviation.



The overall impact of all these moves on increased air-fares is only adding fuel to the fire, further mounting pressure on the government to clear the policy, while it keeps consumers’ interests in mind.

Why is he doing this all by himself? The answer is simple. No other airline in India today is in real need of this new proposed FDI policy that will allow foreign airlines to pick up a stake in an Indian carrier.

Jet Airways seems well funded, with Naresh Goyal in no mood to raise fresh equity as he sits tight on a promoter holding of over 80 per cent in his airline. Indigo is well on track with its IPO plans and a time-tested, profitable expansion plan. SpiceJet’s largest shareholder, Kalanithi Maran is in no hurry to either cash-out or launch aggressive expansion plans given the airline is making money. Wadia-controlled GoAir has always been on a wait-and-watch mode, with little or no muscle power to impact regulatory norms, particularly given its size.

This leaves Kingfisher Airlines—the only one that is not only bleeding but requires a massive revamp and fund infusion. Having exhausted all fund raising options, roping in a foreign airline is Mallya’s only way out.

For those who think that the cash-strapped Kingfisher Airlines will have no takers, consider this: KFA has a fleet comprising 12 owned aircraft, owns substantial prime slots on trunk routes like Mumbai-Delhi and had a market-share of around 29 per cent prior to shrinking its operations. Kingfisher has tactfully given up unprofitable slots in smaller cities or excess ports, and is expected to find them vacant once it resumes full-fledged operations in its new avatar.

And now, by leveraging this crisis, it has not only managed to cut excess flab but has also cut down non-profitable route operations besides re-negotiating high-cost lease rentals while returning expensive wide body aircraft.

The timing too seems favourable, as Mallya’s plan coincides with India's own slow growth story, high inflation and political scandals. Also, his lying-low strategy augurs well with adverse conditions like rising fuel prices, a depreciating rupee and cut-throat competition due to excess capacity.Keeping all this in mind, despite its outstanding debt of about Rs 7,000 crore and accumulated losses of Rs 6000 crore, Kingfisher may attract an international airline keen to get a toehold in the Indian aviation market.

For the foreign airline waiting in the wings to partner Mallya in India, it not only means a potentially big market share, but a clear first mover advantage in a market that today flies around five million people a month and is projected to grow 7.5 times by 2020.

Don’t forget that Naresh Goyal had paid Rs 2,200 crore for AirSahara that was much smaller in size in terms of operations and market share and had almost no tangible assets. It was a loss Goyal has managed to absorb as he is back in a leadership position.

Perhaps this is the only way to take on rivals like Jet Airways and Indigo Airlines, head-on.

Just think about it. Only days before the IPL season, Mallya successfully managed to placate his agitated airline employees by paying them their salaries. Within a span of one week, the DGCA was satisfied with the airline's explanation on why its licence should not be cancelled, Mallya's leading bankers came out in the open to say that KFA can be revived, and tax authorities un-froze his account.

Now with the ground work already in place, Mallya is only waiting for the FDI policy announcement which the relevant ministries have already said is under active consideration.

Kingfisher Airlines' billionaire chairman continues to own one of the world's most expensive yachts, a luxury Kingfisher villa in Goa, dozens of vintage cars worth millions, and a cricket as well as a Formula One team. His $4 billion group comprising breweries, biotechnology and real estate businesses continue to remain technically unaffected.

So, if you thought Mallya stopped dining with football and Formula One stars, shooting with super models on exotic locations, think again.

All he has managed to do is use the media most effectively.

"We have issued a final warning to the airline that now on no aircraft will be allowed to leave India till the dues are cleared.

They have 40 planes of which 30 are leased and none of them would be allowed to be repossessed.

The desperation among lessors, vendors and employees is reaching unsustainable levels," said a senior AAI official.

Kingfisher Airline's licence was suspended on Saturday after it failed to address the Indian regulator's concerns about its operations, forcing the debt-laden carrier to stop taking bookings.

by Vijay Mallya - the self-styled "King of Good Times" - and seven months behind on salary payments among other missed bills, Kingfisher's fleet has been grounded since the start of the month when a staff protest turned violent.

The airline, which has never made a profit since being founded in 2004 and reeling under $1.4 billion of debt, will have its licence reinstated if it provides a plan that satisfies the Directorate General of Civil Aviation (DGCA).

A complete cancellation of the licence was unlikely, said a government source, who declined to be named as he is not permitted to speak to the media.

The company's steep decline has underlined the problems of operating in India's airline sector, where players grappling with rising fuel costs face aggressive pricing caused by overcapacity.

The suspension signaled the regulator's lack of patience with Kingfisher after months of cancelled flights and staff walkouts, and marked a rare tough stance by the government against a high-profile corporate.

"The actual position is not changed because of this order," Kingfisher said in a statement. "We have, in any case, always maintained that once the issues with the employees are resolved, we will first present our resumption plan to DGCA for review, before resuming operations".

Kingfisher, which had previously suspended all bookings before November 6, said it would cease taking any reservations until operations resumed.

Mallya, a liquor baron who owns a Formula 1 motor-racing team, is famous for lavish parties at his $16 million beachside villa in Goa and also his company's annual swimsuit calendar.

The licence suspension, until further notice, was announced by Arun Mishra, director general at the DGCA.

The move had been widely expected after Kingfisher failed to respond properly to queries from the regulator regarding its ability to provide a "safe, efficient and reliable service".

"The suspension of Kingfisher's licence is unfortunate but not unexpected," Amber Dubey, director, aerospace and defence at KPMG India, said in a statement. "Kingfisher's ability to bounce back from this situation appears challenging."

Kingfisher's woes will likely help rivals such as Indigo and SpiceJet ([Vous devez être inscrit et connecté pour voir ce lien]) by lowering capacity on key routes.

The airline had said on Friday it expected to begin flying again on November 6 if the government approved its plan to resume operations.

The Centre for Asia Pacific Aviation has said a fully funded turnaround for Kingfisher would cost at least $1 billion.

Les flux des investissements, des travailleurs et du tourisme entre l’Inde et le Moyen-Orient font du pays de Gandhi un marché extrêmement intéressant pour Etihad.

Après avoir dit que la compagnie du Golfe s’était rapprochée de Jet Airways, la presse indienne lui prête maintenant des vues sur Kingfisher, transporteur sans licence depuis deux mois.

Selon Mumbai Mirror, Etihad s’apprêterait à prendre une participation de 48 % dans la compagnie indienne, bloquée au sol depuis deux mois sous le poids des dettes et des conflits sociaux.

Le journal place même la date de l’annonce de cette opération de plus de 30 milliards de roupies (427 millions d'euros) au 18 décembre 2012, jour de l’anniversaire du propriétaire de Kingfisher Vijay Mallya.

Mais l’entreprise indienne a réfuté ces informations dans un communiqué.

Elle a confirmé être en négociations avec plusieurs investisseurs dont Etihad.

Mais elle a assuré que les différents échanges n’en étaient encore qu’au stade de la discussion.

Au début du mois, d’autres sources indiquaient que la compagnie du Golfe s'était rapprochée de Jet Airways pour acquérir 24 % de son capital