Case study on airlines crisis pdf

Continue Case StudiesTrastigation RetailAlbal RetailersIndeceives Retail Finance Administration, Accounting - Financial Management Management - Corporate FinanceInvesting - BankingLeadershipLeadership,Organizational Changes - ExecutivesCompany planning Corporate Management - Business Ethics Corporation Corporate Social ResponsibilityMusendal Trade - Business ⁄ BusinessOperations - Project ManagementSocial NetworkKitay-related CasesIndia Related CasesWomen Executives ⁄ CEO's CasebooksCourse CaseInterviewsEffective Executive InterviewVideExecutive BriefMovie Based on Case Research Morko at IBSCDCBlogContact Code : FCF0021 Year : 2012 Industry: Aviation Industry: Aviation Industry Region Aviation Industry : Teaching Note: Not available structured destinations :Not available OR Abstract: , which revised air traffic to India, suffered from financial turbulence in late 2011 due to growing debt and a shortage of expected revenue. Despite restructuring the debt with the help of creditors, airlines found it difficult to get out of their problems. The case tracks the transformation in the Indian aviation sector, as well as the ups and downs of Kingfisher Airlines. It contains information about the complex debt restructuring of Kingfisher Airlines. Case studies of best practices - Vol. I Case Research on the Aviation Industry for Business Books Click here for the case e-books Click here for the Educational Goals: Understand the Concept of Capital Structure and Capital Structure Theory Discussion of Short-Term Financing and Liquidity Management Problems Understand the Predicament of Lenders (Banks and Financial Institutions) in countries such as India To Understand the Debt Restructuring Process and Make It Successful Analysis of a Changing Regulatory Environment , Tax structure, and tariff against the aviation industry in emerging markets Keywords : Air Deccan, Air Travel, Aviation Fuel, Aviation Industry, Capital, Cash Trap, Asia Pacific Aviation Center, Mandatory Convertible Preferred Shares, Controlling Stakes, Corporate Debt, Coupon Rate, Total Repayment of Preferred Shares, Debt Restructuring, De-Merger, Indian Airlines, International Air Transport Association, Jet Lite, King Fisher Airlines, Kingfisher Red Low Cost Carrier, Merger, Net Loss, Networth, Oil Prices, Optional Convertible Debt, Paid Equity, Preferred Equity, Private Public Participation, Promoter Loans, Redeemable Preferences Shares, Spicejet, United Breweries Holding Limited, Working Capital Capital Problem Case Introduction 4 Pages Published: July 15, 2019 Date Written: June 30, 2019 Kingfisher Airlines Ltd. owned India's largest liquor tycoon with ambitions to become an industry leader. The growing share of the aviation market, a large number of destinations and numerous awards, portrayed a very attractive and innovative picture for the company. Kingfisher Airlines have been successful in gaining customer satisfaction by offering a great and convenient flight experience for their passengers. In the Indian aviation sector, however, Kingfisher Airlines had a short but indelible impression. By the end of 2011, Kingfisher Airlines was in a huge financial crisis. Kingfisher Airlines, UB Holdings Ltd. has been granted credit by many private and public banks in India, given the reputation of its CMD. It was unable to repay loans to many public sector banks, but private banks restored all loans. This paper describes the fall of Kingfisher Airlines and the study of the financial condition of United Breweries Holdings. Here we tried to understand the business of Kingfisher Airlines and studied the role of banks in extending loans and trying to recover. Moreover, we tried to highlight the reasons for the company's financial failure in terms of mistakes in making strategic decisions. Keywords: Kingfisher Airlines, , aviation industry, bankrupt Academia.edu no longer supports the Internet Explorer.To browse the Academia.edu and wider internet faster and more securely, please take a few seconds to update the browser. Academia.edu uses cookies to personalize content, adapt ads, and improve user experience. Using our website, you agree to our collection of information using cookies. To learn more, review our privacy policy.× Author: Abstract: The Indian economy is going from a tight phase, leading to upheaval in various sectors and affecting them with negative shocks. One such industry with current economic shocks in India is the aviation industry. India is one of the fastest growing aviation markets in the world, but its airlines are deep in the red. All major carriers, except Indigo, are unprofitable and burdened with huge debts. Rising fuel costs, a strong drop in rupees, low FDI, high interest rates are only a few factors that adversely affect the sector. Among the various existing Aitlines in India Kingfisher suffers the most as its activities have been suspended. This study is taken to examine the various economic, financial and technical weaknesses responsible for the sudden rise and fall of this airline (2005-2012). Kingfisher was founded in 2003. It is owned by the United Breweries Group. The airline began commercial operations on 9 May 2005 with a fleet of four new Airbus A320-200 aircraft flying from to Delhi. He began his September 3, 2008 by connecting Bengaluru with London. Kingfisher Airlines Limited is an Indian airline. It is headquartered in Aheri East, Mumbai and has a registered office in UB, . Kingfisher Airlines, through its parent company United Breweries Group, owns a 50% stake in the low-cost Kingfisher Red. The airline has been facing financial problems for years, and the reason cited is the merger of Air Deccan airlines and a timely expansion that included ordering A380s (subsequently postponed). Until December 2011, Kingfisher Airlines had the second largest share of India's domestic airline market. However, due to the severe financial crisis faced by the airline in early 2012, it has the lowest market share since April 2012. The airline closed operations when DGCA suspended its flight license on October 20, 2012. This suspension was due to the inability to give an effective response to the show cause notice issued by the DGCA. On October 25, 2012, the staff agreed to return to work. In February 2013, the Indian government announced the lifting of both domestic and international flight rights granted to the airline. Kingfisher's lifecycle was a short-term business cycle, witnessing different peaks and bottom sides. On November 15, 2011, the airline posted poor financial results, stating that it had drowned in high interest and was losing money. Now this study offers a critical analysis of the factors leading to the downfall of this airline and a glimpse of its various crisis plans PDF file: 15232.pdf Slideshare uses cookies to improve functionality and performance, as well as provide you with appropriate advertising. If you continue to browse the site, you agree to use cookies on this site. See our User Agreement and Privacy Policy. Slideshare uses cookies to improve functionality and performance, as well as to provide you with appropriate advertising. If you continue to browse the site, you agree to use cookies on this site. See our Privacy Policy and User Agreement for more details. Kingfisher Airlines - Example of upcoming SlideShare Download in... 5 × 1 How does this document? Why not share it! 1. CAS TUDY SE ST Y Ch haahat Khat ttar 2. It's a world-class experience, all at an affordable price. We are not a low-budget company and we do not intend to be it. We have broken the shackles of conservative socialism. The growing middle class wants the standard of living that you like in the West. So I'm selling this lifestyle. Vijay Mallya KINGFISHER ELEATER high- frequency, medium and high tariff service. Kingfisher was founded in 2003. It is owned by the Bengaluru-based United Breweries Group. The airline began commercial operations on 9 May 2005 with a fleet of four new Airbus A320-200s flying from Mumbai to Delhi. It began its international activities on 3 September 2008, linking Bengaluru with London. Indian airline Air India was founded by J. R. D. Tata in July 1932 as Tata Airlines, a division of Tata Sons Ltd, which became india's first airline and was then taken over by the Indian government. At the time of India's independence from Great Britain in 1947, the country operated several small airlines. Soon, however, in 1953, the Indian government decided to direct the orderly growth and evolution of the industry by creating two state-owned national carriers, Air India (for international travel) and Indian Airlines (for domestic travel). Air India was founded by J. R. D. Tata in July 1932 as Tata Airlines, a division of Tata Sons Ltd (Exhibit 1), which became India's first airline and was then taken over by the Indian government. Existing carriers (many of which have made losses) have been folded into these airlines. With the country's size and various topological features, air travel is expected to be an important mode of travel. Air India and Indian Airlines maintained a monopoly on civil aviation in India until 1992. During this time they grew steadily, but slowly. Air travel has been sponsored by government, business and wealthy people and is otherwise seen as a luxury, with the masses travelling by train or bus. The deregulation of the Indian economy, which began in the mid-1980s and continued more aggressively after the new economic policy in 1991, led to calls for the opening of the aviation sector. In response, the Government first authorized the operation of Air Taxi services and, in 1994, the operation of regular air travel. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 3. New participants started small with a few leased planes apiece, but outlined different strategies. Damania is positioning itself as a luxury airline with desktop entertainment such as fashion shows. East-West tried grew aggressively and had the most ambitious fleet expansion strategies. Jet has established itself as punctuality and good service, and has quickly become the preferred airline of the business sector. With its base in Lucknow, Sahara offered an excellent connection with a part of the country that has historically been underserved. Modiluft sought to use a technical link with Lufthansa, projecting itself as a safe and reliable airline. Pretty many airlines became dysfunctional for financial pressures long before the millennium (Exhibit 2). The steady growth of the Indian economy after liberalization, at an increase in annual growth rates of more than 6%, has increased the size of the economy, and hence the demand for both business and leisure travel. The emergence of a new Indian middle class was a well-documented and internationally recognized phenomenon. In addition, the number of air passengers and the use of airfare per capita in China is about eight times higher than in India. Feeling the opportunity, a new stage of development of the Indian aviation industry began in 2003 with the entry of new players into the aviation industry. Although several operating costs for the airline were fixed independently of the business model (according to one estimate, this share is 80%), most new entrants chose to use low fares as the main competitive weapon and hoped to create low-cost operations to make these low fares viable. Passenger traffic in India is expected to grow by 18% a year, despite airlines bleeding and running out of cash (Exhibit 3). Kingfisher Airlines Kingfisher Airlines, started by the flamboyant beer baron Vijay Mallya in May 2005, shared the name of India's leading beer brand. Although originally conceived and announced as a cost carrier, Kingfisher quickly turned into a full-service airline more in line with Mallya's style and went to head for Jet Airways. By September 2007, Kingfisher Fleet had 34 aircraft (4 A-319, 12 A-320, 6 A-321, 12 ATR-72) and served 34 destinations. The airline had 51 A-320 family aircraft to order deliveries by 2014, 35 ATR aircraft to order for delivery between 2006 and 2010, and 50 aircraft (including the A-380) commissioned for delivery between 2008 and 2018 for planned international expansion (Exhibit 4). User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 4. Timeline 2005: Kingfisher Airlines launched on 9 May 2005 and its first flight was from Mumbai to Delhi. Who at this point in time will predict that 7 years down the line, this brilliant A-320 will be the only operational flight of more than 200 other routes? Indian Airlines was nowhere near to be cited as a class part of the carrier so only Jet Airways and Sahara were dominant players in the Indian aviation industry. Kingfisher's income for the year ended June 30, 2006 was 13.5 billion rubles, but this amount could not overplay the shady losses of 3.4 billion rubles (exhibit 5). 2006: Kingfisher Airlines soon became synonymous with five-star airline travel and became famous among business travelers. In December 2006 the kingfisher announced that it would provide real-time entertainment in a mission that was first in its class by partner with pioneer DTH TV Dish India Limited (Show 6). In addition, the airlines have gone into some serious negotiations with Air Deccan, which is allegedly working on a completely different and virtually opposite business model of providing extremely low fares based on services. Revenues for the period ended June 30, 2007 increased to 4.1 billion rubles, but losses also amounted to 4.19 billion rubles (exhibit 7). 2007: Things were pretty much on the right track and were almost going according to the plans. Kingfisher carried 17.5 million passengers with a fleet of 41 aircraft and a schedule of 255 flights. Ironically, the situation today is such that Kingfisher struggles to even fly only 10% of these flights. Finally, by the end of the year, on December 19, 2007, Kingfisher Airlines acquired all 46% of Deccan Aviation in Air Deccan (Exhibit 8). Period ended March 31 Every day 77 aircraft operate 412 domestic flights. Also, this year was quite historic was Kingfisher Airlines as it finally got permission to work on international routes and in September 2008 Kingfisher flew for the first time abroad from Bangalore to London. Kingfisher does not offer 3 class travel for passengers: Kingfisher First: Premium Business Class, which was really best in class, Kingfisher class: Premium Economy or basic economy of the flagship carrier Kingfisher and Kingfisher Red: Low basic class fare or, in other words, the new name Air Deccan. Financial statements for the year ended March 31, 2009 were actually to be consolidated statements by both Kingfisher Airlines and Air Deccan, hence now the revenue has increased many times to 55 billion rubles, but also losses that have increased to 16 billion rubles. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 5. 2009: Kingfisher Airlines continued its work as the country's largest passenger carrier and has a healthy market share of 22.9% with 11 million passengers flying with Kingfisher last fiscal year. The fleet, although reduced to 68 aircraft from 77 aircraft and domestic flights per year, has shrunk to 366, but international operations have increased significantly to 12 flights per day. During the year Kingfisher received numerous awards from agencies around the world and continued to be rated as the only five-star India airline Skytrax for three consecutive years. It has been four years since the birth of Kingfisher Airlines and shareholders were still waiting to receive the company's first dividend, but the company continued its run of losses and reported a slight increase in losses of 16.4 billion and gross revenue decreased to 52.7 billion rubles for the year ended March 31, 2010 (Show 10). 2010: Dark clouds over Kingfisher Airlines become darker and denser without a sunbeam. Jet Airways (certainly a much stable and resilient carrier, but also hit hard financially due to its acquisition of Sahara Airways) outperformed Kingfisher Airlines to become the country's largest passenger airliner as it reported a market share of 25.5% while for Kingfisher it fell to 19.8% down by almost 3% from last year. Existed industry that is finally getting noticed by IndiGo as it reported a good 90% of the seats are filling up and gaining market share quickly. Kingfisher's domestic daily flights were the same 366 flights per day, but its international operations increased to 28 flights per day. Despite the increase in the number of flights, Kingfisher was unable to capture the market unlike its competitors, and this should have been seen as a red flag by the company, which unfortunately went unnoticed by the company. The airline reported an increase in gross profit of 64.9 billion rubles and a decrease in losses of 10.2 billion rubles for the year ended March 31, 2011 (exhibit 11). 2011: Kingfisher Airlines first announced in 2011 that it had serious cash flow problems. She simply blamed the same for the rise in fuel prices. Now the thing that needs to be noticed is that when Kingfisher doesn't pay its dues to oil companies, how will fuel costs hit its cash flow so deeply? Dozens of pilots left Kingfisher for rival airlines during 2011. Lenders warned the firm that if it failed to raise nearly $159 million in capital, it would not be able to restructure its debt. But Kingfisher's top brass believes they will continue to be the way they have so far, but the problems were bound to get really out of hand. Revenue for the year ended December 31, 2011 was about 13.4 billion rubles, the lowest since 2007, and losses rose sharply to 4.4 billion rubles (exhibit 12: Both revenues and losses - for only a quarter, as the annual report is to be published on March 31, 2012). 2012: The most tumultuous year for Kingfisher Airlines is here. The New Year celebrations did not even end when on January 5, 2012, the State (the largest lender of Kingfisher Airlines) declared Kingfisher Airlines an unfeasible asset. The impact of SBI on Kingfisher is staggering more than 14.5 billion rubles. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 6. It was like a mother telling the world that his child was useless now, and nothing could be expected of him. Things are now out of the hands of Kingfisher's management and it has announced 2,000 job cuts along with longer work It seemed that someone in the management assumed Kingfisher to be a manufacturer rather than a service provider where every employee is a gem for the firm. For the first time, Mr Mallya said the airline was in dire need of funds to maintain operations. And on February 18, the airline made headlines for almost all newspapers when it landed most of its planes and said it operated just 28 planes with an reduced schedule of 175 daily flights (Exhibit 13). A consortium of banks led by the SBI has also refused to further issue more Kingfisher debt until Kingfisher itself raises some funds at the expense of fresh capital. Now all Kingfisher Airline accounts are frozen by banking agencies and export import houses due to non-payment of real payments. In addition, the International Air Transport Association (IATA) has suspended Kingfisher from its International Clearing House deal with a new blow to the ailing carrier as it seeks funds to stay in the air. What went wrong? Failed low-cost model: Don't understand why airlines (read Kingfisher and Jet) have tried to replicate the business models of international LCCs (low-cost carriers) RyanAir or Southwest Airlines (Exhibit 14)? Is low cost the only way to make money? If that were the case, Singapore Airlines would be bankrupt by now. It appears that Kingfisher failed to examine the models thoroughly and blindly purchased the Air Deccan. The main way any low-cost carrier makes money by working on non-primary routes using secondary airports, which reduces costs for airlines, and then benefits are passed on to customers unlike Kingfisher which charged low fares for Kingfisher Red but continued to operate on major routes including Metro. Kingfisher should avoid flying even one plane in the subway and had to take advantage of hundreds of unusual routes and we all know that India is under the infiltrated market and many benefits could be taken by exploring new routes. Kingfisher was a five-star airliner, there was no reason to work on two different business models at the same time. It was just 7. The role of the Government: One of the reasons for this is the abrupt end of reforms in the aviation sector. In India, starting an airline generally doesn't have every cup of tea. Ask M Thiagarajan, CEO, Paramount Airways, who although entered the Guinness Book of Records for being the youngest chairman of the planned airline, but his airline Paramount Airways has not yet received a plane and is officially a defunct airline. In India every time an airliner wants to buy a plane, it must apply for permission from the government and everyone knows that there are numerous procedural delays on the part of our government agencies. There is also an unusual rule that in order to fly abroad, the carrier must complete at least five years of work within the country. In addition, by adding to the suffocating operating environment, the government continues its protectionist approach to Air India. For example, many Indian airports are capable of powering super Jumbo Airbus A-380 aircraft, but since Air India doesn't have any of them, so the government has not allowed any other private player from anywhere in the world to land A-380 for commercial on Indian territory. The privatization of airports has not been carried out since 2006, but even after that only a handful of airports were privatized, which makes little sense. The government also has a differential fuel price (Exhibit 15), which seems very biased towards Air India. It should be understood that if Air India is India's flagship ship carrier, Kingfisher, Jet or IndiGo do not transfer their revenues to the Bahamas or Dubai. Their income also contributes only to India's gross domestic product, and they also hire Indians rather than some foreigners. Competition: Competition is certainly extremely intense in the Indian aviation industry with 5 carriers fighting one-on-one. It is not that IndiGo, SpiceJet or GoAir are new entrants to the industry. They are almost as old as Kingfisher Airlines, but what's new about them is that they restructured themselves over time but always stayed on course with it reduced to a business model. All of them are low-cost carriers, so they are not other forms of competition in the Indian aviation sector from the railways. Although we cannot say that Indian railways are a safer way to travel, most Indians still travel by rail, especially for shorter routes. Now this makes the idea of having an airline exclusively for point routes to the point of short transportation is a waste of time and money. Where airlines can get here is hitting the weakest point of quality railways. Kingfisher Airlines was a favorite among business travelers, hence it had to continue to be a business-oriented airline, and even if it increased prices say ten percent of business travelers would still travel Kingfisher just because they were confident of getting a five-star mode along with on-time departures and arrivals. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 8. Kingfisher most likely believes that people in the majority are more important, that people are in the minority, but it has forgotten that there are four other players in the country serving the majority of people, and this was the only one serving a minority and therefore did not take advantage of its own strength and unique selling point (USP). Buyers' trading power: Since Kingfisher Airlines decided to introduce Kingfisher Red it automatically entered a price war against all other carriers, especially domestically. If Air Deccan offered tickets for a meager one rupee, then naturally Kingfisher had to continue this kind of marketing campaign. But the problem was that Kingfisher almost trashed all of Air Deccan's marketing strategies to think about lowering operating costs, but here came the deviations. The airline business has extremely long periods of pregnancy. For Kingfisher, Air Deccan was a brand new business, so it should have taken a few years for Kingfisher Red to fully reap the benefits of being a low cost carrier, but Kingfisher believes that The Air Deccan was on the market much earlier than Kingfisher Airlines so it should bring Kingfisher to the airline Airlines that also have a cash shortage but have a sustainable business model. As soon as Kingfisher realized that they had made the mistake of changing the Air Deccan model, it haphazardly raised kingfisher Red prices and brought the same same on a par with other airlines. At this point Kingfisher Red became a lost opportunity, and even management was confused if he would call it a normal carrier or inexpensive. Finally, in February 2012, the Kingfisher Red brand was officially declared non-functional, became one of the biggest examples of failed consolidation and became a failure of the land mark in terms of mergers and acquisitions. Planes: Planes are the most important assets of any airliner. Choosing and inducting the same requires basic decision-making skills. Kingfisher Airlines began operations with the Airbus A-320 and continued to use the same line. Now Kingfisher Airlines' business model is such that it does not have its own planes. All Kingfisher Airlines aircraft are in dry leasing. Dry leasing means that the smaller (who actually owns the aircraft) gives the aircraft lessee (Kingfisher in this case) for at least two years without insurance, crew, ground personnel, support equipment, maintenance, etc. The problem here is that planes, instead of being fixed assets for airlines, become an operating asset and play a crucial role in the calculation of cash flows. Kingfisher fees continued to pile up and it was the goodwill of the United Breweries that lessors allowed the same. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 9. The amount has accumulated so much that fewer people have filed lawsuits against Kingfisher Airlines around the world and forced Kingfisher to deliver most of the planes. Another problem with Kingfisher Airways is that it itself has created confusion for itself. Since it's not If it relied only on Airbus, it could easily reduce its operating costs. When Kingfisher Airlines knew it was entering the market in the long run, instead of spending cash on Deccan Aviation, it had to buy planes from Airbus or Boeing. Kingfisher spent millions to order A-380 jumbo aircraft. She knew that the Government would not grant permission to fly any time soon. Most carriers around the world have ordered A-380s such as Emirates, Kantas, etc. have profits on their books, have almost no significant competition domestically, and they operate on a very large scale around the world unlike Kingfisher Airlines, for whom neither competition is low nor it is used to operate on such a huge scale. Just to prove your superiority over other domestic carriers or show how powerful you can be, it's pretty much a wasteful first engine loss instead of the first motion advantage. Future: Kingfisher Airlines is unofficially bankrupt and officially out of funds. The difference between the two statements? Kingfisher Airlines operates without any cash. Bank accounts are frozen and customers do not want to fly with the carrier. Kingfisher Airlines has to take now - With accumulated losses of 6,524 crores, outstanding loans of 7,057 kronor, overdue by tax authorities, airports and fuel suppliers, and less than half of its fleet flying, Kingfisher does not present quite a picture for any airline. If Kingfisher Airlines wants to fly, then promoters must cause several thousand million. With this money they must first clear because of the oil companies, IATA and other regulators otherwise Kingfisher would fly into the sunset. Kingfisher Airlines definitely needs to raise fresh capital as well. Banks gave Kingfisher one last chance last year by infusing capital, which was on demand converted into equities, but due to a landslide fall in the share price of Kingfisher Airlines, the banks' investments were almost undermined. A consortium of banks will never pour good money after bad. Promoters must give personal guarantees in order to raise funds. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 10. If there are some suicidal investors who are interested in investing in Kingfisher Airlines, they will look forward to restructuring the airline. Thus, the promoters and board of Kingfisher Airlines must restructure the entire business model of the airline before they are suitable for investors. They should make the basics of the airline very clear, and instead of donating a free Kingfisher calendar with an investor presentation, Kingfisher Airlines should give an assuria report to investors explaining how the airline can capture lost market share. Kingfisher Airlines pilots and employees have been out of work for several months. Indirectly security seems compromised here. The issue of unpaid salaries should be discussed in cockpits, and quality pilots would join competitors. Kingfisher Airlines must clear its dues as well or at least reassure them of a sufficient fund that will not put any financial pressure on the families of pilots and employees otherwise sooner or later Kingfisher will become a serious victim of a major air disaster forcing it to close operations. Kingfisher Airlines must reduce its fleet and cancel all orders it has given to new aircraft. Reducing the fleet means it will owe fewer amounts less than less, which in turn will mean better cash flows. Kingfisher is also required to cancel the order for the new aircraft. It can not work on existing routes, so how can it work on new routes? Instead of working on heavy airports charging the subway, Kingfisher should focus on secondary cities that primarily have smaller airports. No one can say that such airports don't have much passenger traffic, but most would believe that such airports don't charge hefty fees raising some operating costs pressure from Kingfisher Airlines, and it will also help Kingfisher lure investors. The government should also help the cash-strapped airliner. The most he can easily do is force oil companies to provide tax- free aviation fuel to Kingfisher at the moment. In addition, the government, together with the Reserve Bank of India, can direct banks to release Kingfisher accounts within a certain guaranteed period of time, before which Kingfisher can guarantee an appropriate restructuring plan. - Rahul Bajaj said very well that if the rescue is given to Kingfisher Airlines, it will be profit and socialization of losses. So some really punishing steps should be taken by the banks and not act gently on Kingfisher Airlines. They have to convert all the debt into equity. In this way, they will recover some of their investments. In addition, since banks are the main stakeholders of Kingfisher Airlines, they must act rigidly and force the flamboyive namesake promoter to quit Kingfisher Airlines and some bank-backed person should be given the responsibility of being managing director of the airline in a recent attempt to turn around the airliner. Unsurprisingly, after the Indian airline room is on the verge of complete closure, Kingfisher Airlines has been launched with a very basic motto, providing high quality and luxury flights. It must live up to the same motto, and the only way to do this is to reinvent yourself and the new sky awaits the endless journey of Kingfisher Airlines. User-published content is licensed under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. 11. Exhibit 1 Tata Airlines Routine M Map 1939 from m ombay.blogspot t.in Exhibit 2 2 Defun nct Airlines from In ndia from press.com User publis shed content license under C Creative Common NS license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 12. Exhibit 3 http p://www.anna.aero Exhibit 4 /doc/42444902/Kingfisher-Airllines ww.scribd.com/User publis shed content license censorship under C Creative Common NA license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 13. Exhibit 5 Exhibition 6 http:// /www.andhrane ews.net User publis shed content license censorship under Creative Common C NA license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 14. Exhibit 7 Exhibition 8 ppesinsync.wor rdpress.com User publis shed content license censorship under Creative Common C NA license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 15. Exhibit 9 Exhibition 1 10 User publis shed content license censorship under Creative Common's license. Copyright © 2012 Chaahat Khattar, All r C n i rights reserved. 16. Exhibition 11 Exhibition 12 User publis shed content license censorship under Creative Common's license. Copyright © 2012 Chaahat Khattar, All r C n i rights reserved. 17. Exhibition 13 nessline.com Exhibit 14 User publis shed content license censorship under Creative Common C NA license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 18. The show 15 ww.business-sta andard.com User publis shed the contents of the license censored under creative Common C NA license. Copyri ight © 2012 chaa ahat Hattar, all r ights reserved. p 19. Kingfisher Airlines Annual Reports from per'annum-Experts/Article1-722159.aspx User is published under a Creative Commons license. Copyright © 2012 By Chaahat Khattar, All Rights Reserved. ed/article2935 711.ece annum-Experts/Article1-722159.aspx Copyright © 2012 By Chaahat Khattar, All Rights Reserved. case study on kingfisher airlines crisis pdf

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