While losing their job is bad for Sky Europe pilots, the way SkyEurope was allowed to operate for way too long is a shame.
Air Operator Certificate legislation should theoretically ensure that Airlines are not allowed to operate unless they have sufficient funds to maintain their operation.
It is very doubtful if the Slovak authority followed the rules. Sky Europe must have been "scratching together" the money for day-to-day operation for at least weeks, if not months. It was only a few weeks ago that the Slovak authority renewed (extended?) their certificate, thus allowing Sky Europe to sell tickets for the winter schedule which probably generated cash to continue operations for a few weeks.
After moving operations from VIE to BTS pax inconvenienced by the change were promised free or extremely cheap extra flights..... promises which could only have been made good through a miracle.
Sky Europe founders and subsequent management have been very good in "sharing the dream" of a new Eastern European LCC. The original founders managed to make a profit by selling their shares to investment funds ignorant of the business.
Sky Europe has not made a profit in all of it's history. It's price-dumping financed by future pensioners and other investors has helped to reduce ticket prices ex VIE and has taken it's toll on Austrian Airlines' (and maybe FlyNiki's) business.