Bad news indeed.
Right idea, but I'd seriously question the number of routes they opened initally, maybe to many? I think to start they should have opened 3-4 routes, got a foothold on them and sustained decent load factors, and then reviewed the situation, and expanded from there.
Also, I have spoken to a number of people in the Munster region, who had never heard of Jetmagic! Not good news as this area would have obviously been their target audience. Furthurmore this would have been compounded by the fact that I never saw (untill recently) any ads in the paper re: Jetmagic. Recently I saw one in the Irish Times. Maybe they were advertising in another paper but I didn't see their ads!!
Shannon airport, should not have been too much of a threat to Jetmagic, as European destinaions are pretty limited from there, expecially if you exclude the Ryanair handful.
But the damage has been done, €11M debt in 9 months is not good news.
Michaelknight