Kingfisher Airlines was founded in 2005 by Dr. Vijay Mallya and grew to become one of the largest carriers in India's domestic market. However, from 2008 onward, the airline began reporting substantial losses due to economic downturn and high costs. By 2012, Kingfisher's debts had reached over $1.5 billion and it had defaulted on loans from multiple banks. Restructuring efforts by lenders to reduce interest rates and convert debt to equity failed to save the struggling carrier.