Facing obstacle in export planes leased to Kingfisher: ILFC
International Lease Finance Corp (ILFC) has said it is facing "bureaucratic and regulatory obstacles" in exporting the remaining three aircrafts that were leased to now grounded Kingfisher Airlines.
August 20, 2013 / 20:37 IST
International Lease Finance Corp (ILFC) has said it is facing "bureaucratic and regulatory obstacles" in exporting the remaining three aircrafts that were leased to now grounded Kingfisher Airlines.
US-headquartered ILFC is a leading player in the leasing and re-marketing of aircraft to commercial carriers. Also read: Govt bans duty free TV imports by air travellersVijay Mallya-led Kingfisher Airlines, which ceased operations late last year, had six leased aircrafts from ILFC at that time. Later, the American firm got all of them de-registered and exported three aircrafts. However, it is facing hurdles in taking the remaining three out of India. "... we are experiencing difficulties in exporting the remaining three aircraft as a result of bureaucratic and regulatory obstacles. The aircraft remaining in India have been removed from Kingfisher Airlines' possession," the firm said in a recent filing to the US market regulator SEC. Kingfisher posted a net loss of Rs 1,157 crore in the three months ended June 30, 2013 while its accumulated losses touched Rs 16,023 crore at the end of March this year. Its net worth as on March 31, 2013 stood at minus Rs 1,292 crore, while lenders recalled loans totalling Rs 6,203 crore in April this year. Meanwhile, the global aviation industry is facing tough times, amid economic as well as political uncertainties in different parts of the world. "Recent challenges in the global economy, including uncertainties related to the Euro zone, political uncertainty in the Middle East, and sustained higher fuel prices, have negatively impacted many airlines' profitability, cash flows and liquidity," ILFC said in the filing. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
