I wouldn't hold out for the government helping....look what they done for Railtrack plc.
As far as the banks are concerned, to keep them afloat, they will only be interested in what assets MYT have and what future potential business they can generate. If they can see a future market they will probably issue a debt for equity swap and more or less take over the company diluting current shareholder value.
MYT only have a market value of approx £50m, against a colossal loss of £900m, and that after the busy summer period!
If they see no future, then losing the money owed is a small price to pay. Last year, most of the major banks wrote off millions in third world debt loans, but still they made billions in their own profits.