Its viable if it scales back to what it did best but I am not sure that fits into the vision that the existing management have. Seems like a willy waving exercise at the expense of the stakeholders. No matter what way you look at it selling off the assets, putting up slots as collateral and sale and leasebacks whilst your credit card company has placed restrictions on your cashflow is not a viable way to be running the business. Oh and winter is here and fuel has never been so cheap so all of their competitors have already booked the profits and have cash in the bank to get them through till next year.
PS: Would Level not be part of IAG Cargo and have an additional revenue stream?