I was made redundant when Buzz was going bust and got taken over by Ryanair earlier this year. I wouldn't wish redundancy on anyone. I am also getting close the gaining my fATPL and the job market was just showing signs of picking up. That will not be the case if MYT goes out of business. I may have to stay dispatching for a bit longer then I hoped.
But facts have to be faced. These are huge huge losses for a company the size of MYT. Consumer confidence, as people have said, is going to go through the floor. People are going to go to different operators for their hols. That is not going to make things any easier in the short term or the mid term. There is over capacity on the charter market and the low costs are doing lots of damage. It is only time before the locos start moving in on markets like Greece with flights to places like Corfu, Zakinthos and Thessaloniki as flying times are only about 30mins longer then some of the lengthier spanish routes. That will further affect the likes of MyTravel.
I am sure the CAA will be keeping a close eye too on whether it feels MYT can be allowed to continue to operate given its cash flow problems. Other suppliers to MYT (fuel contracts, catering, handling agents) might get worried about things and withdraw services too.
Granted the banks are still propping it up but there will come a time when they say enough is enough and pull out and attempt to recover some of the losses by selling what assets remain.
I could yet see and opportunists buy out as with Buzz/Ryan. £50m is current valuation of MYT, am sure Easy could afford it. Slots at places like Gatwick/Manchester/Stansted/Birmingham could be very useful to Easy. Get rid of the long haul fleet to offset the cost of initial purchase and integrate the A320's into the Easy fleet on high density routes.
I hope MYT survive, I really do. If they dont, please may I not be half way through an MYT turnaround when the plug gets pulled.