Soo the IAA let them continue to operate with that kind of debt. Sure no problem... I mean financial stability is no requirement for an AOC...
Well, that probably goes for a lot of airlines as most of the so-called Aviation 'Authorities' do anything but overseeing the airlines. Basically the airlines are allowed to sort of 'regulate' themselves, and when it all goes t!ts up, then nobody is responsible.
I vividly remember Swissair being grounded from one day to the next, completely out of the blue leaving thousands of people stranded all over the world. The complete and utter financial mess of the SAir Group was well known, but where was the Swiss precision, Swiss clockwork and Swiss oversight? Think again!
https://www.youtube.com/watch?v=8VRWk6f4gXQ
I wonder how many of those P2F low cost airlines are 'glued' together with a huge pile of debt that need to get rolled over week after week, month after month? All on hope and a prayer. Anyone remember Air Polonia?