Fact - MYT are in the dwang but IF they were to go down, bad news for the industry as 500 type-rated pilots suddenly fall onto the carpet. Low-time, low experience pilots have no chance of moving up the ladder, military guys less chance of a good job to begin their civilian career, competitors eager to fill gaps will offer MYT pilots short-term contracts for the summer and then cast them adrift, pilots in similar outfits will see there terms and conditions eroded ( CP- pile of cv's on my desk boys !) and command prospects lengthened. All in all not good for pilots in the UK despite the very real fact that the IT market has over capacity in respect of holiday companies, airlines and staff.
The good news for MYT may be that the banks and other financial institutions have put so much money into the company that they may give them another lifeline in the hope of some return in the future rather than have an industry 'garage sale' of assets in order to minimize losses.
I have never understood why it is that c**p directors a little like football managers get paid huge payoffs when they jump before they are pushed - how on earth do the shareholders allow these
clauses in contracts in the first place ?