Starting with just one plane in 2003, Indonesia's Sriwijaya Air has become the country's No. 3 airline group, aided by its strategy of acquiring old planes at cheap prices and serving routes neglected by competitors.
"They had a reasonable business approach," an industry source who was not authorized to speak publicly said of Sriwijaya's founders.
The smaller seating capacity of 120 was more appropriate for certain routes like Jakarta to Pontianak on Borneo flown by the plane that crashed on Saturday and the 737-500 could land at airports that were otherwise served by turboprops due to short runway lengths, they said on condition of anonymity.The crashed jet's black boxes have not yet been recovered so the cause of the accident remains unclear.
As of September 30, 2020, Sriwijaya and NAM owed around $63 million in unpaid bills to GMF AeroAsia and Garuda had warned of impairment losses on $37.5 million owed by Sriwijaya as part of a failed cooperation agreement, according to GMF AeroAsia and Garuda.
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