For those who know the industry well, know that, there is NO imperative for GoI to save KF. There are many domestic investors and corporate who want to invest in the structure. The problem that KF / Jet / IA face is due to ordering new A/c in a business model where Capex is kept low and Opex high. Like leasing A/c, outsourcing ground crew / equipment and waging un ending price wars.
Indigo came with a model of high Capex and low Opex, hence currency fluctuation has little effect on them. I love Indigo for their ontime performance which is direct result of their ownership of all their ground equipment. Then they never get into price wars.
What happens is that Jet / IA / KF in order to meet their monthly commitments to A/c leasing companies / creditors / partners try to sell more and more tickets for coming months on huge discount. Obviously if in that month currency goes haywire or the fuel price goes up, they actually make loss even on 80% load factor.
On the other hand Jet is smelling blood with IA and KF in cash crunch. Look at their site they are discounting all tickets (yes all) rather aggressively. Though Jet has twice the debt as compared to KF, they still own majority of their assets and have no problems tapping the banks.
Also I just got bumped up in Jet. Till March 2012 SHQ flies free if accompanying me and I get upgraded if I am on a same day return flight (which is almost always the case).