PeterPaul - I do not work for Ryanair, Wizz, Austrian, CSA, Niki or their suppliers, or any of SkyEurope's major rivals.
However, I know 3 things:
1) The accounts show for the last few years:
12 months ending 30-Sep-04 - loss of 10 million euros
12 months ending 30-Sep-05 - loss of 28.6 million euros
12 months ending 30-Sep-06 - loss of 57.2 million euros
12 months ending 30-Sep-07 - loss of 24 million euros
12 months ending 30-Sep-08 - loss of 59.4 million euros
2) The latest annual accounts show a negative equity of 61 million euros. The company has said they are seeking a significant recapitalisation. A recession is not a great time to go seek fresh equity.
3) Gecas served a notice of default on lease payments in autumn 2008. Of 14 737s, 10 have been returned to lessor in the last 3 weeks. Maybe this was economically advantageous, but it is unusual to replace dry leased aircraft with wet leases, since at the very least one ends up effectively paying two sets of salaries.
Yes, the load factor has increased, but is there any data on the average ticket price paid as well ? People are still buying tickets, but are they booking 3-6 months in advance thus providing extra working capital, or just 1 month in advance ? I don't know. Provided the brand is well known, relatively few people consider an airline's financial health before buying a ticket.
It really would be nice to see SkyEurope survive, or merge with an airline like Wizz or Blue Air to provide a strong counterbalance against Ryanair, Easyjet and Air Berlin. Maybe they will find a way to pull through but I just know it will not be easy.