York Global Finance
It is not impossible that York are simply following this strategy as a way of gaining 100% of the shares on the cheap. York are essentially a hedge fund - their website says they have US$16 bn under management. The York Global Finance fund which is involved here will have a significantly smaller amount of capital to play with.
On numerous European stock exchanges (I don't know about Vienna) if one purchases more than 30% of the shares of a company in a relatively short period of time - e.g. one year - one is obliged to make a formal offer for ALL the shares of the company. Those owning the other 70% of shares are of course free to decline your offer to purchase the shares.
York currently own 29.9% of the shares, and the airline has borrowed 25 mn euros from York. If SkyEurope are unable to pay the loan, York can then require the company be put into administration. They can then buy the company from the administrators without having pay a cent to the other shareholders.
For existing senior management and all shareholders apart from York, they have probably lost out. For York, it's time to decide - do they want to seize control of the company and make it profitable before selling it on in 2 years time, or do they want to walk away and just get back perhaps 50% of the value of the loans from bankruptcy proceedings ?