Air Costa is the most recent name in a long list of airlines closing down
Air Costa's 450-odd employees are literally at the crossroads amid worsening financial situation
Air Costa had to halt operations after it failed to pay lease amount to GE Capital Aviation Services
The airline had reported Rs 130 crore loss on revenue of Rs 327 crore for fiscal 2015-16
Financial issues are responsible for the suspension of services by Air Costa
The airline expects to start pan-India operations from the first quarter of 2017-18.
This upgradation to national license comes 3 years after it launched operations in limited sectors using regional license
At present the airline covers 8 destinations including Vijayawada, Bengaluru, Chennai, Hyderabad, Jaipur, Ahmedabad, Tirupathi, and Vizag
The airline had said it will fly to Delhi and Bhubaneshwar upon receiving national permit
The first flight, after the resumption of service, will depart from Hyderabad at 1435 hours for Tirupati, the airline said
Regional airline facing cash crunch
The airline expects to improve its operational performance going forward with the induction of new plane