Pinky, your comment, that the problems O'Connor's find themselves in may not be of their own making, is interesting. Although no airline can afford to have their production units 'aircraft' sitting in a hangar and not earning revenue, all airlines that intend to stay in the game must be able to generate profits sufficient to provide for breakdowns, repairs and maintenance contingencies and long term fleet renewal.
If an operator gets to the end of the working week and the revenue 'cupboard is bare' with no money to provide for the above then he/she is living and operating on borrowed time! The days of airservice operators who think with their hearts instead of their heads have well and truly gone.
It is no longer possible to adopt the old strategies of obtaining an aircraft at a 'good rate' and then worrying about how and where it can be used to make money!! Margins are just too tight as costs are too high and competition is generally too fierce!! Unfortunate but true!