The biggest concern for any party with which SkyEurope is in talks about raising funds, is that the auditor has given an *Adverse Opinion*.
In audit-speak, this means that the accountants are pretty much stating that the accounts as presented are largely misleading and do not come close to presenting a fair picture of the accounts.
SkyEurope is pretty much in the hands of the bankruptcy court. A company filing for bankruptcy need not be the end of the world - most of the major carriers in North America have been through this since 2001 and come out the process largely unscathed.
In this instance, the court will not be impressed by such a statement from the auditors and is likely to be rather more cautious in accepting the statements of management regarding future plans for the airline during bankruptcy proceedings.