Not being gifted with your insight into the market I cant quite understand one or two things, Viking seem to be flying out of LGW (under a Greek flag) without too much trouble, so some one must be doing business with them!
Also a Swedish couts has seen to grant some sort of chapter 11 protection to Viking AB, to get this sort of protection the court must have seen that the Viking managment have some sort of realistic plans to cover their debts.
I wonder how the experts on this forum would have reacted to a summer season when a first you have to deal with the volcanic ash fiasco and then TWO major customers going bust? The whole market is running on thin margins and for a new and small company it was a very tough time.