I guess they finally realized they cannot restart 9W - clearing (some) old debt and investing in new planes/people/infrastructure etc. with a $50m investment.

Given the mess that 9W was in, and that they did not have any meaningful assets - maybe a little brand recognition/loyalty (tarred by cancellations etc. at the end) and a few A330s - was never a good enough reason for anyone to buy them.

Kalrock-Jalan would have been far better of starting a brand new airlines rather than trying to clean up this flaming mess.