Been there, done that, know how it feels.
In offering sympathy for the guys I would point out that this is, to those who have been around a few years, a more hopeful situation than it might appear.
Firstly, this may well be the action that brings about the turn-around in My Travel's future.
Secondly, the pilots who are laid off will at least have the chance that they will be eventually offered their jobs back in a still running and viable company as soon as things pick up.
Thirdly, the cuts are probably over the top and the redundancies may well be reduced by the time the final day arrives. If not, some of the slack may be taken up by other companies if they perceive that capacity will be too low next season.
My very best wishes.