Indonesia's low cost airline, Adam Air, could be facing closure after two of its largest shareholders withdrew their support.
The government says its operating permit will be cancelled in three weeks if the company can't meet its financial and safety obligations.
A plane crash last year, in which all 102 passengers and crew died, and another minor accident last week have soured the public's view of Adam Air.
Radio Australia's Karon Snowdon says now the company's president, Adam Suherman, has told local media the company is in default of debt repayments and won't be able to pay its insurance bill due on Thursday.
The Bhakti Investment consortium wants to sell down its 50 per cent shareholding acquired last year, placing Adam Air in crisis, according to Tom Ballantyne from Orient Aviation Magazine.
"Well it does deserve its tainted reputation as do other airlines in Indonesia ... it certainly is not a surprise that this has happened to Adam Air," he said.
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