Consider $N$ stations interconnected with links, each of capacity $K$, forming a complete graph. Calls arrive to each link at rate $λ$ and depart at rate $1$. If a call arrives to a link $x y$, connecting stations $x$ and $y$, which is at capacity, then a third station $z$ is chosen uniformly at random and the call is attempted to be routed via $z$: if both links $x z$ and $z y$ have spare capacity, then the call is held simultaneously on these two; otherwise the call is lost. We analyse an approximation of this model. We show rigorously that there are three phases according to the traffic intensity $α:= λ/K$: for $α\in (0,α_c) \cup (1,\infty)$, the system has mixing time logarithmic in the number of links $n := \binom N2$; for $α\in (α_c,1)$ the system has mixing time exponential in $n$, the number of links. Here $α_c := \tfrac13 (5 \sqrt{10} - 13) \approx 0.937$ is an explicit critical threshold with a simple interpretation. We also consider allowing multiple rerouting attempts. This has little effect on the overall behaviour; it does not remove the metastability phase. Finally, we add trunk reservation: in this, some number $σ$ of circuits are reserved; a rerouting attempt is only accepted if at least $σ+1$ circuits are available. We show that if $σ$ is chosen sufficiently large, depending only on $α$, not $K$ or $n$, then the metastability phase is removed.