Yes EU Jet was losing money and a drain on planestation.
So was -
The plans for the London race course
The property "experiment" at Burford
The head office in Mayfair
The BIP
The other European airport structure for Oliver’s dream of interlinking flights
The Liverpool plans for a nice garden show.
The colossal payoffs for incompetent senior managers
Etc Etc Etc........
Eu jet was part of the collapse not the sole reason; at least part of EU jet was working which is more than can be said for the whole company.