After another extension of Boeing 737 Max cancellation to October 1, Southwest airlines, the largest operator of the doomed aircraft is feeling the heat.

A new safety risk found by the Federal Aviation Administration or FAA last week might take at least three months to be corrected. FAA is yet to prescribe a time line for issuing airworthiness directive and the return of 737 Max in to operation.

Gary Kelly, CEO of Southwest said, "It is obviously extending well beyond what I had hoped."

The airline had to take out 34 Max flights and cancel 150 services on a daily basis due to the software glitch that resulted in fatal accidents. The airline was expecting a return by this summer.

Parking of Max is heavily weighing on the financials of the Dallas-based Southwest. The grounding and winter storms together reduced its first quarter revenue by $200 million.

United Airlines Group Inc. and American Airlines, the other operators of 737 Max, have decided to hold the Max operations until the first week of September. American Airlines has parked 24 Max flights and canceled 115 daily schedules.

Following an order from the Federal Aviation Administration, Boeing 737 Max 8 aircraft were grounded on March 13. Southwest is offering re-booking on alternate flights without any additional fee.

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