They seemed to do quite well when they built up a fleet of quite adequate mid-life 737s, which have suited many new carriers across the old Eastern Europe, and continue to do so.
Somebody along the road then somehow managed to sell them a replacement fleet of 16 brand-new 737-700s, delivered all at once over 2 years 2006-7, which at a current price of about $65m each is a new capital cost of around $1 billion. However much you frame the financing and present any resulting "economies", this is a capital cost that ultimately has to be paid for out of fares. What a way to run a business. Ryanair, as a contrast, operated for many years with secondhand aircraft and then built up a new fleet gradually. Are Boeing's sales team proud of this one ?