Kingfisher Airlines, which redefined air travel in India, hit financial turbulence in late 2011 due to mounting debt and a shortfall in expected revenue. Despite restructuring the debt with the help of creditors, the airline found it difficult to extricate itself out of its troubles. The case tracks the transformation in the Indian aviation sector as well as the ups and downs of Kingfisher Airlines. It provides information on the complex debt restructuring exercise at Kingfisher Airlines.

a. Analyze the changing regulatory environment, tax structure, and tariff with regard to the airline industry in Emerging Indian economies (10)

b. Comment on the debt restructuring process and the challenges of making it successful (10)