In addition to negotiating with vendors, reworking contracts and clearing current dues, there is complexity, be it in tackling long-term debt, integrating the planes into their network, or mapping the routes that have to fit into their scheme of things, says the analyst.
Given the problems at Jet that will take time to sort out, the key beneficiaries will be the sector and players such as SpiceJet.
For the sector, with 15 per cent of capacity both in domestic and international routes getting curtailed, there will be sustained improvement in pricing over the next couple of quarters. After that, it will be a function of how much capacity comes into the system and the cost structure at that point, believe analysts.
While there has been a re-rating of listed stocks such as InterGlobe Aviation
(IndiGo) and SpiceJet, analysts believe there are still some gains for SpiceJet.
While the IndiGo stock hit its lifetime high in trading on Thursday, analysts Santosh Hiredesai and Chalasani Teja believe that SpiceJet
is best placed to capitalise on the situation due to its fleet structure; it is the only other Boeing operator in the market for narrow body aircraft, which is the mainstay for the domestic/short haul international network.
Given the issues with other airlines as far as pilots are concerned and the predominantly Airbus-based network, if SpiceJet gets it execution right, it could be in pole position to grab the slots, bilaterals, aircraft and trained manpower, says an analyst.