Air Atlata has always had a small stake in Excel, recently this was increased to 40%. They provide excel with 75 and 767s along with the maintenence and pilots. Air Atlanta Europe was set up to operate aircraft on the UK register (not just for excel) - don't know why exactly. Excel Aviation is the seat broker part of the excel group - they sell many of excels seats but also work with a large number of other carriers.
I know several great people at European, hope the company can overcome the problems and keep flying.