All the aircraft are leased, headquater is leased, maintenance is subcontracted, any airline can start flying on the same routes if they want to, they have a bunch of pilots who are still split in two groups because of seniority problems, they have issues with their unions etc, etc...
Aircraft leased - Not important if the lease is at good price, also leasing now proivides more opportunity to scale down in credit crisis or to acquire new A/C at bargain prices as other airlines fail.
HQ leased - again not important if rent is low, also makes it more attractive to another airline to buy as they can shift the HQ to Luton or wherever
Maintenance subcontracted - again makes sense, business wise due to flexibility and also for a buyer if they already have the facilities and can get better utilisation in their new enlarged business.
Unions - no comment