S.R. Gupte, Vice Chairman, will continue to Chair the Executive Committee of which Sanjay will become a member with immediate effect.
Kingfisher Airlines has announced the appointment of Sanjay Aggarwal as Chief Executive Officer
S.R. Gupte, Vice Chairman, will continue to Chair the Executive Committee of which Sanjay will become a member with immediate effect.
Sanjay’s most recent assignment was as CEO of Spicejet Limited which he successfully turned into profit. He has a good understanding of the Indian Aviation industry and the various unique business imperatives in India.
Prior to joining Spicejet, Sanjay was COO of Flight Options, the world’s second largest private jet provider. He also spent four years with Marriott International as Senior Director – Information Technology, Strategic and Operations Planning.
Sanjay has also worked for US Airways for six years and brings with him a unique blend of Airline and Hospitality experience which is the hallmark of Fly Kingfisher Airlines.
Source: India Infoline
Showing posts with label News on Airlines. Show all posts
Showing posts with label News on Airlines. Show all posts
Thursday, September 30, 2010
Kingfisher to launch $250 million GDR issue
Kingfisher Airlines would launch a $250-million GDR issue shortly, and is also in the process of restructuring of its debt with a consortium of bankers, Chairman Vijay Mallya said today.
Speaking at the annual general meeting and later addressing reporters, the UB Group Chairman Mallya said the debt recast is expected to be completed in the "next month or so," which would be immediately followed by the GDR issue.
Stating that RBI has sanctioned the debt restructuring plan, he said the Airlines is currently working with the consortium of banks on recasting the entire debt.
"In broad terms, about 30 per cent of the total debt would be converted by banks into capital," Mallya said, adding, the UB Holdings which held its AGM earlier today, passed a resolution to convert Rs 735 crore of loans also into capital.
"There would be an interest reduction to an average of 11 per cent," he said. The Airlines would now have to make the repayment over a period of nine years, with a two-year moratorium.
Mallya added that the debt restructuring package also calls for Rs 900 crore of additional facility to be provided by the banks to the Airlines.
Once the debt restructuring exercise is completed, Kingfisher would immediately launch the $250 million GDR issue. "....We are completely committed to fund-raising (GDR issue) immediately after the bank restructure is over".
"...We are going to be in the US next week with some preliminary road-shows. We have already met a whole bunch of investors in the US, Europe, Hong Kong and Singapore...All of whom have expressed strong interest in investing in Kingfisher", Mallya said.
He said Kingfisher is now casting its net "further and wider" to make sure that when it launches the issue, there is sufficient investor interest to subscribe to it.
Clearly, Kingfisher has a clearcut direction and financial road-map which is it's working on, he said.
On alteration of debt-equity ratio after the debt recast exercise and GDR issue, Mallya noted that it depends on the price at which Kingfisher issued the shares.
Source: Business Standard
Speaking at the annual general meeting and later addressing reporters, the UB Group Chairman Mallya said the debt recast is expected to be completed in the "next month or so," which would be immediately followed by the GDR issue.
Stating that RBI has sanctioned the debt restructuring plan, he said the Airlines is currently working with the consortium of banks on recasting the entire debt.
"In broad terms, about 30 per cent of the total debt would be converted by banks into capital," Mallya said, adding, the UB Holdings which held its AGM earlier today, passed a resolution to convert Rs 735 crore of loans also into capital.
"There would be an interest reduction to an average of 11 per cent," he said. The Airlines would now have to make the repayment over a period of nine years, with a two-year moratorium.
Mallya added that the debt restructuring package also calls for Rs 900 crore of additional facility to be provided by the banks to the Airlines.
Once the debt restructuring exercise is completed, Kingfisher would immediately launch the $250 million GDR issue. "....We are completely committed to fund-raising (GDR issue) immediately after the bank restructure is over".
"...We are going to be in the US next week with some preliminary road-shows. We have already met a whole bunch of investors in the US, Europe, Hong Kong and Singapore...All of whom have expressed strong interest in investing in Kingfisher", Mallya said.
He said Kingfisher is now casting its net "further and wider" to make sure that when it launches the issue, there is sufficient investor interest to subscribe to it.
Clearly, Kingfisher has a clearcut direction and financial road-map which is it's working on, he said.
On alteration of debt-equity ratio after the debt recast exercise and GDR issue, Mallya noted that it depends on the price at which Kingfisher issued the shares.
Source: Business Standard
Wednesday, September 29, 2010
Air-Traffic Growth Slows, Suggesting Peak Has Passed : IATA
Air-traffic growth slowed for a second month in August, suggesting that a recovery in demand for flights may have peaked, the International Air Transport Association said today.
The gain in passenger traffic eased to 6.4 percent compared with a year earlier, down from 9.5 percent in July and a high of 11.9 percent in June. The figure matches the lowest growth rate this year in January, with the exception of April, when a volcanic ash cloud from Iceland closed European airports.
IATA more than tripled its forecast for full-year airline earnings to $8.9 billion on Sept. 21, citing the strength of a recovery in demand, while cautioning that profit would fall back in 2011 as cuts to state spending sap consumer confidence.
“The rapid improvements that we saw earlier this year are behind us,” IATA Chief Executive Officer Giovanni Bisignani said in today’s statement, predicting “a tougher end to 2010 as government stimulus monies run out.”
Traffic grew fastest in the Middle East in August, rising 12 percent, with Europe expanding 5 percent, North America 5.3 percent and the Asian-Pacific region 6.2 percent, IATA said.
Cargo-traffic growth may have peaked in May, when it increased 34 percent, today’s figures suggest, with August’s advance of almost 20 percent the lowest increase since then.
“The bounce from restocking is over,” Bisignani said. “We do not yet see the strong consumer confidence needed to sustain the expansion with spending.”
Source: Bloomberg
The gain in passenger traffic eased to 6.4 percent compared with a year earlier, down from 9.5 percent in July and a high of 11.9 percent in June. The figure matches the lowest growth rate this year in January, with the exception of April, when a volcanic ash cloud from Iceland closed European airports.
IATA more than tripled its forecast for full-year airline earnings to $8.9 billion on Sept. 21, citing the strength of a recovery in demand, while cautioning that profit would fall back in 2011 as cuts to state spending sap consumer confidence.
“The rapid improvements that we saw earlier this year are behind us,” IATA Chief Executive Officer Giovanni Bisignani said in today’s statement, predicting “a tougher end to 2010 as government stimulus monies run out.”
Traffic grew fastest in the Middle East in August, rising 12 percent, with Europe expanding 5 percent, North America 5.3 percent and the Asian-Pacific region 6.2 percent, IATA said.
Cargo-traffic growth may have peaked in May, when it increased 34 percent, today’s figures suggest, with August’s advance of almost 20 percent the lowest increase since then.
“The bounce from restocking is over,” Bisignani said. “We do not yet see the strong consumer confidence needed to sustain the expansion with spending.”
Source: Bloomberg
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