NAIROBI, Reuters – Seychelles announced Tuesday that it has appointed administrators to examine the accounts of Air Seychelles’ national carrier and recommend whether the airline should be saved or closed down.

Since 1978, India’s national airline has struggled with debts totaling $70 million. These were owed to bondholders.

Following a dispute over debt, the bondholders petitioned to wind down the airline in August.

Etihad was then owner of 40%, and it sold the stake to the government for one Dollar in April.

The Transport Minister Anthony Derjacques, quoted by Seychelles’ News Agency as saying that two administrators had been hired to assist the government with the next steps of the airline.

Derjacques said that the administrators “will…do one or more of these things after going through the company’s books. It is either to create a rescue plan or get Air Seychelles from its current state, or restructure or to recommend the winding-up of the company.”

According to news agency, Derjacques expressed hope that the airline will be saved. He stated that the government had plans to minimize the effects of any events at Air Seychelles.