Seems like the arrestor gear on the Kuznetzov failed and the MiG-29KR simply ran out of fuel...https://www.gazeta.ru/army/2016/11/21/10354847.shtml
http://www.interfax.ru/world/539925
Down that page there is a video of the event. It almost stopped and the cable broke letting it slowly continue right off the ship.
It is another event from 2005 when Su 33 was lost, also I assume this one is quite similar