Wishful thinking aside, what sort of airline loses it's CAT II status? There has been no communication to the crew as to why it has been revoked (rumours abound of course), or how long it will take to regain CAT II certification. It is tempting to add "...if ever" to the previous sentence, but that would reek of juvenile bias against the airline. Latest unconfirmed and unofficial rumour is that the CAA has given 1Time a 2 month period in which to address the shortcomings found in the audit, the consequence of failing to do so is apparently the revocation of the AOC.
Would the CAA actually follow through with such a warning? Will the airline pull up it's socks and sort itself out? This is either a period in which the company will experience a renaissance of sorts and get the crucial bits on track...or it is the inevitable writing on the wall. Does the company have the finances to do what is required?