Unfortunately I can't see a way back for Emerald from this. The contracts will be gone and unless there is a major change in the management (specifically FOD) then there is no way they'll get their AOC back any time soon.
I imagine the bank is now pulling the strings and I can't see how it won't end up in administration or chopped up to feed their share-holders.
Sounds bleak, but this is no time for false hope.
When was the last time anyone heard of the CAA pulling someones AOC indefinately? Pretty serious stuff and they must have a load of evidence to make this move.
The CAA cover their own ar*e first, so its not something that could be fixed by a bit of tinkering.
Anyone up for a rescue package?