I don't think it is an immediate crisis for those who are already at the flight school.
The school already have their single engined aircraft (SR22), and they also have their B737 simulator & their flight training devices.
Believe it or not, most of your ab-initio training is conducted on a single engined aircraft so I don't think the current cadets are anywhere near to starting their multi-engined phase of flight training.
According to their website:
135 Hours in the Cirrus SR22
66 hours on Flight Training Devices
50 Hours in the Eclipse EA500 Jet