Air Mail - I think you are along the right lines.
MYT has said it made no money over the summer and if the busineses it proposes to sell are not sold then it will run out of working capital. As you say, the banks are owed a lot of money and they will be keen to see a return so I think it will be some kind of debt/equity swap with the current shareholders the ones to lose out. Reminds me of a certain large Hotels group which has had similar problems and is effectively owned by RBS bank now.