Kathmandu, Nov. 30 -- Rs50 billion in debt, on the verge of bankruptcy, eroding public trust, corruption scandals, overstaffing, and chronic mismanagement-these are the reputations Nepal Airlines, the state-owned flag carrier, has come to embody.

Yet its chief executive position remains financially appealing.

Sixteen people have applied to head the debt-ridden company, as the government once again attempts to select a new leader through open competition.

Venerable Nepal Airlines Corporation is approaching insolvency, a state in which a debtor cannot pay the liabilities they owe. A recent government report warns that without immediate corrective measures, the situation may worsen to a point where Nepal's two largest public saving instit...