They will continue to run the airline if someone(i.e. Government/Taxpayers) makes it "worth their while" otherwise they'll extract what they can from it and walk away. I can only assume that the only companies they are in any way square with are the Lessors as they can repossess their assets and they are highly mobile.
I'm not trying to start rumours but the one thing I'd like to hear from those within FlyBE is that maintenance isn't being skimped while the company is being put through the wringer. I'm not saying that maintenance is being skimped but it would just be nice to hear it as the Management appear to be playing fast and loose with absolutely everything else.