Kingfisher's compounding woes bring it closer to the point of no return.
"When you get into a quagmire, and have three or four big issues and are trying to solve all together and none are getting resolved, it's just like a quicksand pit that keeps dragging you down," said a former member of Kingfisher's board of directors, who did not want to be named due to the sensitivity of the matter.
With little cash, Kingfisher is cancelling flights. Cancelled flights mean passengers choose other airlines.
Fewer passengers mean even less cash to keep planes in the air, making it that much harder to attract investors.
Once India's No 2 airline, it now has less than 10 percent of the domestic market.
Image: An information screen at Bengaluru International Airport shows a cancelled Kingfisher Airlines flight in Bangalore.