Was the EI Regional work not ring fenced to avoid this exact type of scenario? I seem to remember Willy Walsh confirming as much in a recent interview. When EI was a listed company and embarked on the EI Regional tie up with Stobart I think there was a complex sale and leaseback agreement of which EI took a stake. I don't know if EI sold its stake in Propius but in anycase there would be no shortage of takers to fly the routes when demand returns if it unfolds that Stobart is unable to operate the regional work.
https://www.independent.ie/business/...-35358314.html