There is nothing really left to cut, cost-wise.
It seems that VIE-base is probably going to be closed down, now that NE can't pay for the bills anymore. But retreating to BTS, on home-territory so to say, they probably won't have to deal with that sort of problem.
Presumeably, nobody within the management really cares anymore how all these free-, special offer-, and 19-Euro-flights are going to be honored in future. All that counts is the next departure.
As a normal company, SkyEurope would have gone down long ago; it never worked profitably ever since it started. It got bailed out a couple of times through various investors ("fresh capital" is what they called it), but in the end, it was all just accounting tricks.
Maybe they will be able to pull yet another trick one or two, and keep going for yet some more months. As they have always done.
But sooner or later the regulators, as you call them, will stop it from happening. Not that I have any sympathy whatsoever for Ryanair or Easyjet, but it's just unfair and illegal to pump taxpayers money into one airline, thereby giving it an advantage over the others. We don't have to agree upon the term "fair", but so is the European regulation, which applies also to Slovakia.
But whatever, even if nothing of that sort happens, all that SkyEurope will continue doing is to burn money.