1) Kingfisher Airlines faced bankruptcy due to massive debt and cancelled flights while attempting an aggressive expansion plan. 2) Unlike other companies, Kingfisher had few tangible assets to liquidate since most aircraft and equipment were leased. 3) For any revival plan to work, it would require a significant change in management, operating methods, and a simple credible plan with a gradual expansion approved by regulators. 4) One proposal suggested merging Kingfisher Airlines with Air India to create a large airline with synergies around scale, pricing power, and cost reductions, however this deal did not come to fruition.