Clamchowder
I think 'going under' is very unlikely, my personal view is that the owners have had enough, i think an equity partner is unlikely and a trade buyer even less so given what are likely to be generous pension & conditions which would have to be respected.
I think a visit from the suits will recommend selling of the engineering arm, for which i suspect there will be a market, maybe also Cosmos,
Comparisons with Flybe's alleged revival don't add up, they are a public company that over stretched themselves with bases and aircraft orders, but operate in a totally different market, the question is what do Monarch have to offer that you can't get from the likes of Jet2, easy, Ryanair, Norwegian? its loyal customer base is old and not web literate