There is bound to consolidation but this doesn't necessarily mean bankruptcies - although wouldn't rule some out where their hub catchment area is too small or they are starting in direct competition to established players. However, if the likes of bmiBaby at EMA and J2 at LBA establish themselves at their hubs with lots of frequencies to their chosen destinations and can keep their costs under control while generating enough traffic/revenue to be profitable, it would be difficult - and expensive - for even Ryan or Easy to break in. And provided they don't go tramping on Ryan's/Easy's toes elsewhere they could be left alone in their niche. The most likely outcome then would be for the shareholders eventually to sell out to Ryan/Easy etc when they want to get their cash out - just as profitable Salt Lake City-based Morris Air was sold to Southwest a few years ago.