Kingfisher Airlines, a leading airline company in India, had incurred substantial losses and its net worth had been eroded. This news was widely covered by Indian and international press. Analysts and media were of the opinion that Kingfisher needed equity infusion to steer it through the distress. Because of its financial difficulties, the company’s stock was trading at near historic lows and its equity value was, in fact, negative. Yet company management was emphatic that Kingfisher was on the road to recovery although it was negotiating a second debt restructuring with banks. Would this restructuring prove more successful than the last? Could anything save Kingfisher from this dire financial situation?
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