The airline does not need a UK AOC if the routes are being operated by Newair on their AOC, all the management have to do is sort out the assignment of the PSO routes.
Apparently the whole UK side is basically closing down after Xmas.
What will happen to the rest of the people at Waterford is yet to be decided, but it's a great pity the way things have turned out.
Newair seem to have gone from scratching around for business to a position of expansion, all on the back of ECY.
Can all this be coincidence or maybe there was a full moon on the day the merger contract was signed!
Best of luck.